Week in Crypto: 14/02 – 21/02

Reading time: 4 minutes

Shopify joins Libra Association

Canadian e-commerce platform Shopify has joined the Libra Association, the network of founder members that support Facebook’s Libra project.

Shopify, that hosts over a million online sellers on its platform, announced its participation on the project on 21/02/2020. In the announcement made, Shopify says that by joining the project, it finds a way to solve the problem of international payments, because, according to the Canadian business, the global monetary structure can’t deal with the need for e-commerces.

Shopify has said: “Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”

The Canadian business joins Libra Association after many founder members have stepped back or gave up the project over 2019.

Sources:
Shopify
Cointelegraph
Decrypt
Cointimes

Binance goes temporarily offline 

Binance, the main global cryptocurrency exchange has gone temporarily offline and suspended trades in its platform to solve technical problems.

According to an announcement published by Binance on 19/02/2020, deposits, withdrawals, spot trading, market trading, peer-to-peer trading, and more services have been suspended for maintenance of the platform’s structure.

Due to the worries expressed by users that the exchange might have suffered a hacker attack, Binance’s CEO Changpeng Zhao explained on Twitter that: One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon.”

This is one of the problems that Binance had to deal with during February. On 17/02/2020, the exchange published a document about performance issues due to the increase in the number of users using the platform and in the transaction volume.

Sources:
Cointelegraph 
Decrypt 
Guia do Bitcoin 

Coinbase and Visa partner up

Coinbase is now a Visa principal member, according to a press release posted on 02/19/2020.

This association is due to the development of Coinbase’s relationship with Visa, in which the exchange is now allowed to provide a Visa debit card to its clients. The Coinbase Card allows the exchange’s clients that live in the European Union to use their cryptocurrencies anywhere. The card can be used globally, but only the client’s living in the EU’s space can request it. According to Coinbase, the United Kingdom, Italy, Spain and France are leading the list of the card’s users. Coinbase comments about what the meaning of partnership: “This membership will enable us to continue to grow the Coinbase Card offering; from additional services to more markets that help to evolve and enrich the cryptocurrency payment experience,”.

The Coinbase Card was launched last year in the United Kingdom, but before this Coinbase was using the Shift card, launched in 2015. However, Shift was hugely impacted by  WaveCrest Visa in 2018 and ended up closing.

Sources:
Decrypt
Cointelegraph
Guia do Bitcoin

Hacker explores DeFi security breach and steals US$1 million 

The DeFi startup bZx was attacked by hackers twice this week. The criminals have stolen over a US$ 1 million in Ethereum (ETH) by exploiting a security breach on the flash loans provided by the startup.

On the first assault, the hacker attacked the instant loan to earn a sold position. Using the trade platform dYdX, the hacker did a loan of  10.000 ETH and sent them to Compound and bZx. With the Compound’s funds, he loaned 112 wBTC tokens, and using bZx’s funds he entered a sold position for 112 wBTC.

The attacker sent the 112 wBTC borrowed from Compound to Uniswap in order to sell them and reduce their price. After paying the 10.000 ETH loan, the hacker earned 1.300 ETH in the attack. This was done with a single trade.

In the second assault, the hacker did a loan of  7.500 ETH and sent them to Synthetix in order to buy sUSD and deposit them on bZx. The attacker also 900 ETH to sell sUSD and manipulate it’s the price so it would increase, allowing the hacker to do a larger loan. With this, the attacker refunds the original loan and earned 2.388 ETH, which corresponds to US$ 640.000.

Presently there is over 3 million ETH in Decentralized Finance startups.

Sources:
Cointelegraph
Decrypt
Guia do Bitcoin

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