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Weekly News Roundup

Photo of: Joseph Stone
by Joseph Stone

KuCoin hacking

Hacking of cryptos exchanges is unfortunately very frequent. It is KuCoin’s turn to be the victim of an attack. The events occurred during the night of September 25 to 26 and at the last count, it is estimated that more than 281 million dollars were stolen. Fortunately, the exchange was able to freeze 130 million dollars of digital assets, which are therefore unusable by the hacker, who obviously very quickly tried to launder his loot. After having tried his luck with centralized exchanges that put in place measures to block transactions, the hacker logically turned to decentralized exchanges such as Uniswap or Kyber Network. The hacker managed to sell the equivalent of $17.1 million in ERC-20 tokens on these decentralized platforms. At the time of recording, less than 10% of the unfrozen funds had been laundered. KuCoin’s CEO said: “Rest assured that if a user’s funds have been affected by this incident, they will be fully covered by KuCoin and our insurance fund. “We can’t say it often enough, don’t leave your funds on the encrypted exchanges.

StackinSat: The Savings Plan, Bitcoin version

The French fintech startup StackinSat has just launched a platform that allows users to buy Bitcoin at regular time intervals, weekly or monthly, starting at only 10 euros. This is called automatic recurring investment or “Dollar Cost Averaging”. Once the user has created an account, the service will automatically deliver the Bitcoins to his wallet via a receiving address indicated during registration. StackinSat says it does not keep Bitcoins from its customers, this feature is expected to be available in 2021. In order to keep costs as low as possible, payment is only made by SEPA transfer (free of charge) which the customer has to initiate himself from his online banking interface (all banks in the SEPA zone are accepted)”. StackinSat is officially a “Service Provider on Digital Assets” and can therefore operate in France, but also in Switzerland and Belgium.

IOTA is working with Jaguar Land Rover

News now about the Internet of Things (IoT). This fascinating field that seeks to make objects communicate with each other via the internet is in full swing. Among the big players in the sector is the IOTA network, whose teams announced this week that they have worked closely with several companies, including the automotive manufacturer Jaguar Land Rover, to launch IOTA Access, a secure, configurable, and permission-free platform for smart devices. Concretely, thanks to this open-source platform based on distributed registry technology (DLT), it will be possible to grant or deny access to physical devices by defining usage rules. We can talk about an additional layer of security for connected devices. IOTA ensures that the protocol works equally well for managing the loan of a laptop, limiting screen time for children, and for controlling entire buildings by granting or denying access to employees or tenants depending on the time of day.

New Initiative Rewards Street Art Artists in Bitcoin

A German collective has launched the Bitcoin Awareness Game, an initiative that rewards with satoshis (the smallest unit of Bitcoin, one hundred millionth of Bitcoin) street-art artists who promote BTC around the world by painting graffiti or making murals for example, or simply by using one of the 19 sticker models available for purchase or download. The Munich collective has a twitter account @BTCSTREETART that you are encouraged to follow and use to share the artwork of the participants. More than 1.4 million satoshis have been distributed to artists living in the United States, Pakistan, New Zealand, and Russia. Through this initiative, the organizers of this art game seek to break the clich├ęs related to Bitcoin (money laundering, terrorist currency) to present Bitcoin to the general public in a much more positive and artistic way.