Ethereum Classic Under Multiple 51% Attacks | Bitcoin News Summary Aug 10, 2020

Ethereum Classic has suffered its second 51% attack in less than a week, bringing the ongoing security of the network into question. During the attack, the offending miner managed to double-spend $5.6 million worth of ETC after spending only $200,000 to acquire the hash power for the attack. The ETC team was advising its clients to halt interactions with the network while corrective steps were taken.

The US branch of global cryptocurrency exchange, Binance has halted all trading and orders following an incident. CEO Catherine Coley tweeted, “Your funds are safe” and she added that the incident was not a hack. In a later update Binance.US clarified, they noticed an error that was not allowing users to see their orders and they didn’t want users trading blindly. 

$1.4 million in BTC and ETH was stolen from Spanish crypto firm, 2Gether. The firm stated that it won’t be able to rapidly repay all its users, whose pooled funds were stolen. 2Gether, which provides wallet, exchange, and crypto payment card services, has drawn up a plan involving the issuance of new tokens to affected customers.

The Xapo crypto custody and card service, the second biggest identified holder of Bitcoin, transferred nearly 100,000 BTC. Bitcoins worth over $1.1 Billion were transferred for a fee of only $3.55.The funds were moved to what is now the third-largest Bitcoin address by value.

Before we conclude, this week’s Bitcoin quick question is: can I store multiple altcoins on a hardware wallet? The answer is yes, although which altcoins you are able to hold depends on the hardware wallet you choose to use.

The most popular hardware wallets are Trezor and Ledger. Ledger, for example, is known to support a wide variety of altcoins on both of their models, the Nano S and the newer Nano X. Trezor, however, does not support popular altcoins like XRP, Cardano, EOS or Monero on its popular Trezor One model. It does, however, support them on their advanced Model T.

The important thing to confirm when choosing your hardware wallet is that it supports Ethereum-based tokens, as it is the most popular platform for developers to create their token.

For a complete comparison of hardware wallets, including altcoin support, visit the link in the description below.

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That’s what’s happened this week in Bitcoin. See you next week.