Bitcoin and Ethereum Suffer Losses as Crypto Market Plunge Further

In the latest about cryptocurrency market, Bitcoin has lost 5% of value on January 10 as its sudden drop set the panic among investors, resulting in huge sell-off across the entire market. Bitcoin value dropped to $3,712 after it registered a further erosion of 4% during the day’s trading session. Still, the present level of Bitcoin is above its December lowest mark of $3,280. In sum, the crypto market suffered a loss of $13 billion of market capitalization in the last 24 hours.

Security Vulnerability

The recently launched trading platform DX. Exchange in Estonia is already showing the signs of vulnerabilities as a report on the BTC manager said that an anonymous trader going by the name of Ars Technica bypassed the platform’s security and revealed serious security lapses that could compromise the users’ data and their investment activities. Technica made a dummy account on the platform with the purpose of checking the security provisions of the exchange and found it vulnerable to cyber attack.

Using the standard provision of sending the “authentication token” request to exchange for availing the services, the trader was surprised to receive a lot of extraneous data, besides getting access to the services of DX.Exchange. Data received included the information of “authentication tokens” of other users and the links to the password-reset requests. However, DX.Exchange on January 10 (late evening) said that it has successfully patched all the vulnerabilities in the system.

Ethereum Status

Since January 6, the Ethereum has been on a downward trajectory although it was on January 10 when its value plummeted to $129, which translates into a major loss of $23 in its value. The current support for ETH-USD remains at $130. Meanwhile, Gate.io cryptocurrency exchange said that it has detected the rollback of seven transactions and confirmed the success of Ethereum Classic 51% attack. Four of these transactions were created by an attacker who transferred a total of 54,200 ETC. As all of these transactions were confirmed by the blockchain and seemed to be legitimate ones, the attacker faced no issues and successfully stole 40,000 ETC from the exchange. Gate.io has confirmed that it will pay for all the losses to the users of the exchange.

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