Coinbase Set To Allow Users To Withdraw Funds From Bitcoin Forks

Ali Raza
  • Cryptocurrency exchange and wallet provider Coinbase is reportedly going to allow users to withdraw funds from various bitocin forks
  • The company noted allowing withdrals doesn't necessarily mean trading support is coming.

A new statement published by popular cryptocurrency wallet provider Coinbase on its official blog reveals the company is set to start supporting the withdrawal of different bitcoin forks in the coming months.


Different Bitcoin Forks

Recently, a large number of new Bitcoin Forks have appeared for various reasons, the most popular ones being Bitcoin Cash (BCH), Bitcoin Diamond (BCD), and Bitcoin Gold (BTG). In its official announcement, Coinbase stated that it is not providing support for any specific asset yet.

There are a lot of factors to consider before making such a decision. The company assured its users that it won't hide its choice once its made, as Coinbase’s website is set to provide information on any assets it decides to support.

Notably the company dealt with a few problems when it launched Bitcoin Cash support. Various investors believed the cryptocurrency’s rollout involved insider information that was used for insider trading. According to them, this information gave company's employees a major advantage over everyone else. With this in their past, it is not surprising that Coinbase wants everything to be transparent and in accordance with their protocol.

Withdrawal Convenience

Withdrawing Bitcoin forks is set to become a lot more convenient once the company decides which ones it will be supporting. This as the company’s subsidiaries are also set to support projects deemed worthy.

A large corporation like Coinbase has quite a few subsidiaries. Among them: Coinbase Custody, GDAX, Coinbase Index Fund, and Coinbase Commerce. Many of these are already creating plans for developing and upgrading infrastructure that will follow Coinbase’s example. Providing support for Bitcoin forks will not be an easy task. The company reminded the crypto community that adding support for these tokens’ withdrawals does not mean that they are supporting trading for said asset.

The rapid creation of cryptocurrencies “airdropped” from hard forks is believed to have brought the crypto ecosystem a few problems. These problems involve potential brand confusion, as newcomers may not be able to understand why various cryptocurrencies are named “bitcoin”.

Hackers Try to Sell Data of 142 Million MGM Hotel Guests for Bitcoin or Monero

Hackers are trying to sell the data of 142 million MGM hotel guests on the dark web for about $2,900 worth of cryptocurrency, payable in either bitcoin or monero (XMR).

According to ZDNet, the data comes from a 2019 data breach that MGM Resorts (NYSE: MGM) that was initially believed to have only affected 10.6 million MGM hotel guests, as the hackers published a free sample of the data available for download.

The new finding, that a total of 142,479,937 hotel guests had their data stolen by a hacker, was discovered after a hacker published an ad to sell the data on a darknet market. The hacker claims to have gotten to the data after breaching data leak monitoring service DataViper, which is operated by Night Lion Security.

The founder of Night Lion Security, Vinny Troia, reportedly told ZDNet the firm never owned a copy of MGM’s full database, and that the hackers were trying to ruin its reputation with their claims. While MGM Resorts learned of the security breach last year, it did not make it public and instead just notified impacted customers.

Speaking to ZDNet, an MGM spokesperson said:

MGM Resorts was aware of the scope of this previously reported incident from last summer and has already addressed the situation

The spokesperson also added that the majority of data consisted of “contract information like names, postal addresses, and email addresses.”  Social Security numbers, reservation data, and other financial information was not leaked, according to MGM.

Irina Nesterovsky, Head of Research at threat intel firm KELA, reportedly noted that the MGM data has been for sale on private hacking circles since at least July 2019 and that the situation could be even worse, as posts from Russian-speaking forums claimed to contain the details of 200 million hotel guests.

For now, it’s only clear that the hacker who has the data is trying to sell it for $2,900 worth of either bitcoin or XMR on an unnamed darknet marketplace.

Featured image via Pixabay.