By Tyler S - Cryptocurrency expert - 01-09-2021
Despite the cryptocurrency trading industry having secure ways of trading and transacting that ensure users' privacy and financial protection, some major instances still occur. Hackers are no stranger to the world of buying crypto; not all are devastating but do show the severity of the security issues when "White Hat" hackers come into play. White Hat hackers take drastic measures to prove how easy it is for someone to access and pass securities on a company platform before returning stolen goods (if they took any).
One particular protocol was not fortunate enough to have its recent attack by a White Hat. A Decentralised Finance (DeFi) lending protocol had revealed that it faced a loss of $25 million at the start of this week. It was revealed that Cream Finance had gone through a flash loan attack which resulted in the exponential loss. The protocol has already set in motion plans to refund all affected consumers that had their money stolen.
After the attack had occurred, the protocol Cream Finance took full responsibility and stated that it would ensure that 20% of funding would be reimbursed to its consumers. The company has further stated that if the attacker decides to come forward and return the money, they would be given a 10% bug bounty to the exploiter. There's another reward for up to 50% to anyone that supported in retrieving the assets. The protocol made a statement that if anyone is able to identify or even give information that could lead to the detainment of the attacker, they would split the money 50/50.
If you are looking to Buy and Sell cryptocurrency, but you’re not sure where to find the best website to buy Bitcoin (BTC), then you can head over to BC Bitcoin where you can safely start investing today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards