It took less than three weeks before we had the first major crypto exchange hack of 2019. Meanwhile, the Ethereum Constantinople upgrade was postponed and the market reacted with a bit of a wobble. There was some good news though, as USDC passed an audit with flying colors.
Cryptopia suffers security breach
New Zealand-based cryptocurrency exchange Cryptopia was reportedly hacked last week. On January 14 the exchange experienced a security breach, ultimately resulting in "significant losses".
After the discovery of the hack, the exchange was put into maintenance mode to assess damages. The New Zealand police are on the case and taking this incident very seriously.
The Ethereum Constantinople Hard Fork includes improvement proposals that will be implemented to ultimately contribute to smoothing the transition when Ethereum moves from a Proof-of-Work consensus to a Proof-of-Stake mechanism.
The Hard Fork was scheduled to happen at block 7,080,000, which was expected on January 16. However, on January 15, Ethereum issued a security alert after ChainSecurity informed the Ethereum developers of a potential security flaw, meaning the upgrade had to be pushed back.
As a result, anyone running a node was asked to upgrade to a new version of Geth or Parity before block 7,080,000.
USDC gets green flag
Stablecoins backed by fiat should be able to show that have the appropriate amount of currency in their reserves somewhere.