Free eBook from Bitstocks debunks Bitcoin myths

Several books as of late have taken different looks at Bitcoin, and told the stories of its creation and those who latched on to it. But perhaps no book has tried to tell an end to end history as succinctly as Bitstocks new eBook, “A Short History of Bitcoin Myths.

While the history of Bitcoin itself is important to understand what it is, due to the incorrect popular perception many have of the digital currency, debunking the myths are just important. Bitstocks book seeks to do that for every important step along the way of Bitcoin’s history.

The story begins with the origins of Bitcoin, and importantly, the elements that had nothing to do with its creation. It gets into the obscure manipulation that created the financial crisis of 2008, and quotes Dr. Craig Wright extensively on why he created Bitcoin to provide greater transparency in financial matters.

As the book dives into what happened after Bitcoin came to life, there are plenty of myths for it to handle. Chapter two discussed how the cypherpunks co-opted Bitcoin for their own anarchic purposes. Chapter three then covers how those anarchists and their criminal friends made Bitcoin the tool of the dark web, forever diverging its past into what eventually became BTC.

Despite that path, the idea of Bitcoin was still popular, and chapter four discusses how, despite the public wanting to embrace it, development of the blockchain was sabotaged to keep it niche. In chapter five, ethereum was created to handle problems Bitcoin should have been able to handle in the first place, and BTC itself became a speculative asset, as discussed in chapter six. Chapter seven debunks the need for the lightning network, which was created because BTC developers said the crypto couldn’t scale.

Throughout each of these chapters, the authors discuss every myth that’s been propped by Bitcoin Core and Ethereum developers as reasons why the original Bitcoin couldn’t handle the task Satoshi gave it. They also explain why, in following that original vision, Bitcoin SV (BSV) is proving those myths wrong.

Throughout the book, experts from across the blockchain and cryptocurrency world are cited, proving how much effort the Bitstocks team put into this work. They aren’t just telling a story, they kept track of the evidence and they’re now using it.

Although at 56 pages, it’s probably the shortest read you can find to explain the full extent of how Bitcoin went from a thought in Satoshi’s head to the BSV it is today.

Head on over to Bitstocks page and check out the eBook for yourself. It’s completely free, and available to read now.

With a recession coming, Bitcoin SV is the smart investment

With a recession coming, Bitcoin SV is the smart investment

Experts are starting to speculate that a Wall Street crash, and with it a recession, is just around the corner. Naturally, as investors look for safe haven, many will turn to cryptocurrencies based on their prospects and distance from traditional institutions. One man in the industry suspects that when that day comes, Bitcoin will do fine, but Ethereum could die out.

Writing for Baron’s, Kyle Chapman from tech venture capital firm Cosimo Ventures looked at Bitcoin, Ethereum and Ripple as alternatives to traditional investments.

Regarding Bitcoin, he said:

Faced with a recession, Bitcoin may serve a market function similar to that of a safe-haven commodity, rather than an equity, due to its inherent scarcity and decentrality. Bitcoin, by design, is not intended to be used as a foundation on which developers could build a platform or enterprise. Because its supply is not controlled by any one person or entity, it’s more likely that Bitcoin will perform independently of broad market pressures (akin to how one would expect gold to react)—potentially even appreciating in value should demand for alternative forms of dependable value storage arise.

On the other hand, he expects Ethereum will struggle. Because the token requires companies to build products on top of it, if investment dries up for that development, Ethereum will dwindle. It can’t act as money, as Bitcoin can, and will have little utility. Furthermore, as its structured similarly to traditional markets, it’s fate is closely aligned with that of Wall Street.

To wrap up, he suspects that Ripple could also maintain its stability, but notes that its fate is much more reliant on issuance, good management, and adoption, than Bitcoin is.

Chapman concludes on a very important point that bodes well for Bitcoin, and specifically Bitcoin SV (BSV). He said, “Recessions clean out the companies that rely solely on investor speculation and market interest to be successful… If people think a product is worthwhile even when money is tight, it’s certainly indicative of its long-term value.”

That’s where BSV comes out ahead. BSV has been built to be the world’s new money, not a speculative investment. It is built to scale to the needs of the world (as has been proven with its recent sustained 128MB scaling test) and provide a stable protocol for development so that enterprises can build on it with confidence.

Bitcoin Core (BTC) proved in late 2017 that its developers, who hijacked the Bitcoin protocol for their own desires, didn’t have the acumen to plan for a future of higher transaction volumes, and as a result, were crushed by a slow network with high transaction fees. As a public relations spin, they have decided their altcoin is a speculative store of value rather than anything of use. That won’t cut it when hard times come again.

BSV has proven its ready. It’s ready to build on now, and it’s ready for whatever may come in the future.

Ethereum hard fork postponed on security concerns

Ethereum hard fork postponed on security concerns

Citing “potential vulnerabilities” to smart contracts on the Ethereum chain, the Constantinople hard fork for the network is postponed indefinitely.

According to the official Ethereum blog, the decision was made by “key stakeholders around the Ethereum community,” after being made aware of specific issues related to the planned upgrade, as enumerated by ChainSecurity.

About a day before the scheduled fork, the blockchain security and smart contract auditing firm published a Medium post stating, “The upcoming Constantinople Upgrade for the ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer(…) or address.send(…) in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer.”

The article demonstrated how Ethereum smart contracts could be rendered more vulnerable after the planned fork, with an attacker modifying a PaymentSharer contract so as to take funds of another party.

Such increased vulnerability comes from the nature of Constantinople, which is intended to make transactions require less gas, that is, make them cheaper. High transaction costs for ETH and other cryptocurrencies is one reason Bitcoin SV is considered a better alternative.

A similar vulnerability led to the 2016 attack on the Ethereum-powered DAO fund, where about $50 million worth of the cryptocurrency at the time was stolen. This eventually brought about a hard fork where Ethereum Classic (ETC) emerged among those who refused the consensus of undoing the DAO heist.

ChainSecurity noted that a scan of the blockchain “did not uncover vulnerable smart contracts,” and added, “[A] warning of an reentrancy attack is in many cases not exploitable, but needs careful analysis.”

The Ethereum developers said, “Because the risk is non-zero and the amount of time required to determine the risk with confidence is longer the amount of time available before the planned Constantinople upgrade, a decision was reached to postpone the fork out of an abundance of caution.” They also recommended certain actions for miners, exchanges, and node operators to undertake.

Within nine hours of ChainSecurity’s disclosure of the security risk, and about four hours after publication of the Medium post, the decision to delay the fork was made, with a public announcement on this released about an hour later.

The fork was supposed to happen at the generation of ETH’s block number 7,080,000, or sometime on January 16.

Vitalik Buterin doesn’t believe in proof of work

Vitalik Buterin doesn’t believe in proof of work

He’s hinted at it several times before, but Vitalik Buterin has finally declared that he does not believe in the proof-of-work (PoW) system which Ethereum, the platform he co-founded, uses.

The self-proclaimed non-giver of Ether tweeted on Christmas Day that “I don’t believe in proof of work!” When pressed for further explanation, he agreed with a commenter that PoW was a mere phase in the evolution of blockchain.

Ethereum has had to deal with issues such as vulnerability of ERC-20 smart contracts, and a continued inability to scale, making for high transaction costs.

It’s not surprising that Buterin has nothing good to say about Bitcoin SV, whose development has largely been about a continued increase in block size limits, to 128MB at present. nChain, developer of the Bitcoin SV implementation, has spoken in affirmation of PoW and its importance to the security and stability of the network.

Buterin, in a tweet, said, “I have my disagreements with the bitcoin roadmap, PoW, etc but they’re trying to do something that’s genuinely cool tech. BSV is a pure dumpster fire.”

To solve Ethereum’s scaling problem, Buterin has proposed sharding, where transactions are split among nodes as a way to accommodate more transactions at a time. On Reddit, Buterin has indicated his belief that sharding would require a more complex system than that of the present Ethereum network.

In Buterin’s view, sharding will come about when “all the existing PoW-related complexity… can be removed,” and will involve a shift to proof of stake (PoS) as a means of adding transactions to the blockchain. No definite timeframe for this has been given.

Sharding itself has been criticized by nChain Chief Scientist Dr. Craig Wright as a security risk, that “actually splits the security between multiple parties.” He added that big, non-sharded blocks themselves help to keep a blockchain more secure.

Bitcoin Cash jumps 10% as crypto market sees positive spike

Bitcoin Cash jumps 10% as crypto market sees positive spike

The cryptocurrency market had a generally positive Wednesday with most currencies in the green, but the biggest mover by far was Bitcoin Cash (BCH), which jumped considerably to almost $1,500 over the past 24 hours before settling at the $1,450-$1,470 mark.

As already indicated in previous news articles, BCH is fast becoming the currency of choice for fast transactions and more payment providers are taking on the cryptocurrency, thus increasing its popularity.

Another positive mover which saw a significant increase in price was Ethereum, which finally breached the $700 mark and sailed beyond that psychologically important level to trade at around $720 at press time. The news that Ethereum has finally deemed not to be a security has perhaps given the currency a boost, with trading volumes spiking sharply in the past few hours.

BTC saw a consolidation at around the $9,200 mark, but the price could start pushing upwards in the next 24-28 hours as more trading volume enters the market. Ripple also consolidated at the $0.83-0.85 level but there seemed to be little appetite for a push forward in that direction with the fabled $1 mark still far away. Litecoin saw a push beyond the $150 mark, but volumes were quite low and it appeared that it will take some time for the currency to start moving forward beyond the $160 mark and towards the $200 level. However as with Ripple and BCH, there is a constant stream of news regarding agreements signed for Litecoin, which can have a positive effect on the price on a long-term basis.

Of the currencies with smaller market cap, EOS continued losing most of the big gains which it had achieved last week and was trading at around $17 at press time—a loss of 8% although this appears to be a good entry position for new investors. Stellar seemed to be consolidating at the $0.45 mark with very little movement up or down, whilst Dash has also consolidated but at around the $480 mark with a push beyond the $500 level expected very soon as trading volumes and interest in the currency continue to increase. Ethereum Classic appeared to be preparing for a move towards the $30 level, although it’s still trading at the $22 mark but with quite strong volumes at that price. NEO recouped some of this week’s slump after Sunday’s bull run and was trading in the mid $80s at press time.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash recovers as crypto market trades sideways

Bitcoin Cash recovers as crypto market trades sideways

The cryptocurrency market continued to trade sideways on Wednesday after dropping slightly in the past 48 hours. After a day of trading below the $9,000 mark, BTC regained the $9,100 mark on Wednesday morning although trading volumes remained slightly low.

Bitcoin Cash retraced slightly from its intra week highs on Tuesday; however, it was recovering well on Wednesday to trade above the $1,300 mark and was well on course to reach the $1,400 mark if a sustained rally takes place over the next few days. There has been a consistent spread of good news for this currency as it continues to be involved in payment agreements and other news that is generally positive.

The third largest currency by market cap, Ripple, also had a generally positive 24 hours, regaining the $0.80 mark with ease to trade at around $0.84 on Wednesday morning. Ripple also continued to be in the news with more banks and companies adopting the technology, so it must only be a matter of time before a jump in price is seen. Another larger market cap currency, Litecoin, appeared to be on a slight recovery as it was once again flirting with the $150 mark on Wednesday morning after having dropped in the low $140’s over the past days.

Ethereum remained relatively stable and was once again close to the $680 mark in the past hours after having dropped as low as $650 on Tuesday, when the market correction took place. The currency’s founder Vitalik Buterin seems to be in the news constantly nowadays and that can only have an effect on the currency’s short- to medium-term prospects as it continues to garner exposure. Ethereum Classic held on to the small gains it registered on Wednesday and was looking to breach the $22 mark if a rally takes place.

Currencies with smaller market caps had a slightly mixed day overall. XLM was up by around 4%, only to fall back in the past hours but is holding well at the $0.43 mark. EOS seems to have stabilized at the $18-19 mark after the steep rises of last week, whilst Dash is also stable in the $450-480 range. Other currencies such as TRON and VERGE had a mixed day with the former losing some of its steep gains achieved last week and the latter shooting up on high turnover.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Markets slump again as BTC drops below $9

Markets slump again as BTC drops below $9,000

After a relatively quiet morning in which only EOS experienced steep losses, the cryptocurrency markets experienced a considerable downturn on Monday evening and Tuesday morning. All major currencies were down with BTC experiencing another drop to below the $9,000 mark after having briefly flirted with $9,500 over the weekend. This had a corresponding negative effect on all major cryptocurrencies, which experienced drops in the values by around 5-10% in some cases.

Bitcoin Cash was down by around 6% after having superseded the $1,400 mark on Monday—it fell to below the $1,300 mark on Tuesday morning and was looking to drop deeper as selling pressure took hold. Ethereum also experienced a slight loss although this was not very marked and was trading at around $650 on Tuesday morning, with those levels appeared to be well supported. Its sister currency Ethereum Classic was also slightly down but had recovered considerably from its earlier lows in the past days, so was still well supported at the $21 mark.

Ripple had another disappointing day and lost the psychologically significant $0.80 level by dropping below that slightly to $0.79. The cryptocurrency had been playing around at the mid $0.85-0.90 levels, but Monday evening saw a steep drop of over 6% which was above the market movement. There appears to be good support in the $0.70-0.75 levels however, so there should not be cause for panic on investor’s part. Litecoin dipped well below the $150 mark on low volumes and there appears to be little appetite for a push in this currency at least for this week.

Of the currencies with smaller market caps, it was a mixed bag. EOS lost most of the gains it made over the weekend, dipping by around 16% as selling pressure took place although that was anticipated. NEO also lost some of the gains it made on Sunday and was down by about 10% overall at around $80. Stellar Lumens was perhaps the currency which held its own the best, with only a 3% drop and was trading at $0.42 at press time. Dash appeared to be losing support at the $480-490 level and was down by around 5% overall trading at $450 with a push towards the $50 mark appearing rather remote, at least for the next 24-48 hours.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash holds on to gains

Bitcoin Cash holds on to gains, sets sights on $1,500

The cryptocurrency market had a rather muted performance over the weekend, with most of the major coins staying at their price levels achieved over last week although there were some notable exceptions. BTC has been stuck between the $9,100 and $9,400 levels with very little movement in this tight trading range. However, it appears that the coin is poised for some upward movement in the next few days as new money comes into the market.

Bitcoin Cash held on to its levels very well enough and was trading at around $1,400 at press time and was looking to soar to the $1,500 level again with some upward momentum. The currency has performed very well, holding on to its gains over the past week. Another currency that appeared to be consolidating is Ethereum, which reached the $680 mark on Monday morning and was looking to achieve the $700 barrier yet again with the possibility of posting strong gains thereafter. Ethereum Classic was also performing well at press time and was looking to breach the $22 mark soon.

However, the strongest gainers over the past 48 hours were the coins with the smaller market caps. EOS was undoubtedly the star performer with an incredible 50% gain over this period rising to $22 at some point—a 100% gain over the week although it was retracing slightly to around $19 on Monday morning. NEO also had a considerable bull run on Sunday, rising by about 25% to exceed the $90 region although it fell back slightly by around 5% on Monday morning. Still, this was a considerable improvement over the last weeks, when the currency appeared staid and did not move that much.

Ripple was slightly disappointing in that it remained stuck between the $0.84 and $0.86 level notwithstanding all the amount of good news that continued dominating the markets. The fact that XRP continues to be involved in new agreements between banks should undoubtedly have a positive effect on its price sooner or later. Dash also appeared slightly staid, but is well supported at the $480-490 level whilst Litecoin remains stuck at the $150 mark with not much sign of any real movement downwards or upwards. Stellar Lumens also consolidated its strong gains over the past week and remains at $0.45, although a push towards the $0.50 mark is not to be unexpected.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash pushes for $1

Bitcoin Cash pushes for $1,400 as crypto market continues muted recovery

The cryptocurrency market continued a steady recovery, with almost all currencies rising slightly in the past 24 hours. Stellar headlined the march forward, increasing by as much as 10% overnight. BTC also finally shrugged off the foibles of dropping below the $9,000 mark when it rose to around $9,200 at press time.

Bitcoin Cash consolidated above the $1,300 mark and was trading at around $1,380 at press time—it was looking to breach that mark and regain traction for a push to the $1,400 mark. Lots of good news for the currency continued to push interest in the coin as several exchanges introduced trading pairs for Bitcoin Cash in their portfolios.

Ethereum also continued a steady recovery with a rise to the $650 mark and it looks strong enough to reach the $700 mark again, a figure breached also on Tuesday but was surrendered during Wednesday’s drop. It’s sister currency Ethereum Classic also had  strong showing over the past four hours, rising by around 8% to breach the $20 mark and looks poised to make considerable gains over the next few hours.

Ripple recouped most of Thursday’s losses and was trading at around $0.84 at press time with a minimal 1% increase over the past few hours. However, the cryptocurrency appears to have considerable turnover behind its back and another forage forward to the $1 mark would not be untoward as trading continues throughout the day. Litecoin also began recovering some of its losses over the past days and breached the $150 barrier with relative ease.

Of the currencies with smaller market caps, EOS continued to perform strongly and was trading well over the $15 barrier to consolidate the gains it made over the past few days. Dash appeared poised to regain the $500 barrier yet again, whilst NEO was the only sluggish currency amongst the top 10 appearing quite stuck in the early $70s levels. However, interest in this crypto remains strong and another push towards the $80 mark and beyond would not be unexpected at this stage.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Parity 'no intention' of Ethereum split to recover lost $320M in ETH

Parity rejects Ethereum split proposal to recover lost $320M in ETH

It’s back to the drawing board for those who were seeking to recover the more than $320 million worth of frozen ETH funds, after Parity Technologies announced that it has “no intention” to split the Ethereum blockchain.

A glitch in a multi-sig wallet smart contract library last year was responsible for the funds being locked, a factor which had led some to speculate on a potential fork in the Ethereum blockchain to recover the money. However, Parity founders Gavin Wood and Jutta Steiner shot down proposals to force a split in the network. Wood was Ethereum’s former chief technology officer.

In a statement, the Parity founders said, “We have no intention to split the Ethereum chain. We plan to continue to work with the community to find a path forward. We have all dedicated a great deal of time and effort to developing the Ethereum ecosystem, and have no intention of harming what we have helped build.”

In spite of the decision to leave these funds in place, Parity continues to work towards the recovery of around 513,000 ETH which has been locked for over a year, after a bug allowed for the destruction of a wallet library contract, affecting some 600 different multi-signature wallets. Majority of the frozen funds belong to Wood’s Web3 Foundation.

“All of us at Parity Technologies are deeply sorry to the users who remain unable to access their ether as a result of a bug in our code,” Parity said. “We have been in constant conversation with affected projects and believe that those in the community who have stuck ether, either through the wallet freeze or, for example, issues such as those listed in EIP-156, have a case for attempting to recover the property.”

The issue of recovering funds locked by self-destructed smart contracts has been a topic of debate within the Ethereum community, which has thus far resisted calls for a fork or other standardised recovery process for reclaiming lost ETH.

In an attempt to circumvent these concerns, Parity recently submitted EIP-999 to restore only the specific Parity library affected by the glitch, as a means of recovering the funds. However, the issue remained in contention, and there were fears that this course of action would lead to a further split in the Ethereum blockchain.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash maintains $1

Bitcoin Cash maintains $1,300 level amid mid-week market slump

The cryptocurrency market continued its mid-week slump, which started early on Wednesday morning after BTC dropped from a monthly high of $9,800 to below the $9,000 mark in just a few hours. That big crash dragged almost all major coins down with most dropping steeply and with double digit losses for the day. The market cap also dropping from almost $450 billion to below the $400 billion mark.

Bitcoin Cash retreated considerably although it was trading above the $1,300 mark at press time. This is still well over 120% up from its intra month low of around $600. Ripple also suffered a big decline over the past 24 hours, trading at below the $0.80 mark after having climbed to the $0.95 region on Tuesday and was thought to start attacking the $1 mark soon. Another currency that suffered a considerable drop was Ethereum, which had easily surpassed the $700 mark on Tuesday only to fall to the $630 mark even dropping below the $600 level at one point, although there was eventually a slight recovery in the price. Ethereum Classic also had a bad day, dropping over 20% overall after having flirted with the $22 mark. It is now trading at the $18.50 mark with a modest recovery expected in the next few days as it consolidates around that level.

Litecoin also lost the momentum it had gained on Tuesday and was trading at around $145 at press time, although there appeared to be strong support at the $140 level. The same could be said for Dash, which lost the $500 mark it had gained in the early part of the week and was trading at the $460 level at press time.

Of the currencies with smaller market caps, Stellar was the only bright spark for Thursday morning rising to the $0.39 mark again after having lost a whopping 20% on Wednesday and looked well poised to begin breaking the $0.40 mark yet again. NEO retreated by around 15% overall to the low $70’s level while EOS looked to have consolidated its level of around $14 with another push towards the $16 mark not out of the question. The latter currency was the only one not to drop considerably over the Wednesday crash and held on to most of its astonishing gains registered on Tuesday.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
ERC20 deposits blocked on OKEx over critical smart contract bug

ERC20 deposits blocked on OKEx over critical smart contract bug

Hong Kong-based cryptocurrency exchange OKEx has put the brakes on all ECR20 deposits following the possible discovery of a bug in at least 12 smart contracts that are built to the ECR20 standard. The news came out Tuesday, forcing the exchange into action to prevent attackers from exploiting the bug.

The smart contract bug, called “BatchOverFlow,” allows an attacker to create tokens from thin air and then deposit them into a verified Ethereum wallet. In a statement, OKEx said attackers who exploit the bug “can generate an extremely large amount of tokens, and deposit them into a normal address,” which “makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers.”

“To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct investigation and take necessary measures to prevent the attack,” according to the exchange.

Following OKEx’s suspension, another cryptocurrency exchange followed suit. Changelly, which operates as a broker between exchanges and users, announced via Twitter that it would be suspending deposits following “an exploit check.” Changelly promised to bring the tokens back as soon as they’re certain “there is no vulnerability in deposits received.”

The bug was first identified over the weekend and published in a post on Medium. The author of the post, “ranimes,” claims that it could affect over 20 ERC20 smart contracts. The post includes several proofs-of-concept, showing the validity of the bug.

How much damage has been done and what tokens were affected isn’t known. However, BeautyChain, a beauty-themed ecosystem, was already exploited. Once the exploit of its coin, BEC, was identified, exchanges began suspending BEC trading, and some rolled back BEC trades.  OKEx rolled back BEC/BTC, BEC/ETH and BEC/USDT to 1:18 PM April 22, Hong Kong time.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.