Bitcoin Eyes $9,000 After Weekend Rally, Dutch Authorities Seize Mixing Service And Bitcoin Cash Network Sees Bug
Today’s most important and interesting crypto news, brought to you by the Crypto2Cash team
Bitcoin Eyes $9,000 After Weekend Rally
Bitcoin has hit a new yearly high over the weekend. The price of the largest cryptocurrency reached as high as $8,900 yesterday and since then slightly retraced, currently sitting at $8,736, up by 8.75% in the last 24 hours. Most Alt-Coins saw a similar price pattern and saw larger gains as well. Top performer among the bigger currencies was Litecoin, up by 11.30%.
Dutch Authorities Seize Mixing Service
Dutch Authorities have managed to shut down one of the largest mixing services for cryptocurrencies on the internet. The site was called Bestmixer.io and it is estimated, that up to $200 million were mixed during the period the site was up. Coinmixers are used to make funds untraceable by sending them trough a large network of wallets, before sending it back to the owner. While some users rely on these services due to “privacy concerns”, it can also be used to wash money, hence why it was shut down. After the shutdown, dedicated forums quickly came up with rumours, that many users have already been identified, but there has been no official statement yet.
Bitcoin Cash Network Sees Bug
After the Bitcoin Cash hardfork of May 15, a total of 25 transactions including 3392 BCH were not included in the reorganized chain, meaning that around $1.35 million were double spent. A double spend is when a coin can be spent twice because the first transaction was not implemented on the Blockchain correctly. After users on several forums noticed the mistake, two of the largest Bitcoin Cash mining pools teamed up to carry out a 51 percent attack on the network, to reverse the transactions with the double spent coins. While the mining pools’ actions were a good thing for the Bitcoin Cash community, it shows that the network is still very vulnerable to attacks and perhaps more centralized than many users would wish.
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