ChainSwap Hacked, $2.3M Taken From 20 Project Tokens

ChainSwap Hacked
  • Hackers took $2.3 million in profits from ChainSwap. 
  • The hack stole tokens from over 20 projects on the network. 
  • Investors affected include Alameda, Continue Capital, NGC, OKEx, and Spark Digital.

The ChainSwap network was hacked. The hackers got away with $2.3 million. It stole tokens from over 20 different projects. Specifically, investors affected include Alameda, Continue Capital, NGC, OKEx, and Spark Digital Capital. Most of these are all Chinese VCs.

The news came from the Wu Blockchain Twitter account. It is run by Chinese journalist — Colin Wu. In 2013, he won the China News Award. 

Not long ago, ChainSwap made $3 million from a funding round. It got support from Alameda Research, NGC Ventures, and other investors.

China is no stranger to the crypto community. The country has had a good start with crypto. In 2013, it chose to see crypto as virtual property. 

However, in 2017, China made Initial Coin Offerings (ICO’s) illegal. Some say this is the reason behind the latest dip in Bitcoin’s value. Recently, the country went further and made the decision to ban Bitcoin mining altogether. 

While some think that this move would further cause a dip, others disagree. For instance, Mike McGlone, a crypto analyst, says that one of the causes for Bitcoin’s recent dip was due to the mining process using too much energy. 

Therefore, the ban will push miners to use alternate and renewable sources of energy to power their Bitcoin mining ventures. Of note, many have already begun using renewable energy sources to mine crypto. 

For example, El Salvador, the nation that just made Bitcoin a legal tender, is one of them. Presently, it is working on using the geothermal power from its volcanoes to power its Bitcoin mining plans. 

Finally, more and more nations have begun tightening their crypto rules. This, in turn, is either forcing exchanges to adapt or close shop. All in all, all these moves will help track and catch hackers. Perhaps ChainSwap will begin to investigate the matter.

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