A renowned crypto exchange EtherDelta got its DNS server breached by an attacker on Wednesday, allowing the hacker to redirect millions of users to a malicious website.
The announcement of the hacking was made in a series of tweets where EtherDelta warned users that a hacker had temporarily hacked their DNS server and was redirecting users to a malicious version of the site.
Being a decentralized exchange, EtherData comes under the control of Smart Contracts, meaning that it doesn’t provide the third-party control of user funds. However, the exchange does allow users to import private keys to the exchange itself.
As a result of this attack, the hacker was able to steal private keys from users who unwittingly imported their private keys into the imposter website.
The data obtained has revealed that the hacker stole around 308 ether – worth around $250,000 at the time of writing.
EtherDelta said that clients who got to the exchange using either MetaMask or a hardware wallet are “totally sheltered” from the phishing attack. The organization included that funds from clients who never imported their key on the malicious site “should be safe,” but brokers might need to consider moving their assets to another wallet address as a safety effort — and reconsider their choice to import their private keys directly into a site.
The Risks Associated With Crypto Exchanges:
The attack came days after South Korean exchange Youbit revealed that it lost 17 percent of its assets as the aftereffect of a hack — the second the organization had faced this year — compelling its administrator, Yaipan, to declare bankruptcy.
Like Youbit, EtherDelta was a small exchange. CoinMarketCap reports that it processed just around $7 million of volume during the previous 24 hours, a figure that is, to some degree, lower-than-normal because of the breach. However, the exchange was well known among ERC20 token merchants, as it was one of the first exchanges to support tokens derived from lower profile ICOs (Initial Coin Offerings).
Neither of these hacks will prompt a huge disturbance in the worldwide digital currency markets, but each exhibits the risks related to using crypto exchanges.
13 July 2017, bitcoin is the leading prima donna of the digital currency market. Anyhow, a big wall street bank does not impress by the crypto-storm.
James Faucette leads the Morgan Stanley’s team to hold up Bitcoin BTCUSD. +0.05% as a poster child for assumption although downplaying its potential as a valid currency.
In a report, analysts of the cryptocurrency note that online merchants’ percentage is low from last five years. This is the fact that price of the digital currency increases by 250%.
Faucette says, “The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking.”
He has the responsibility for retailer’s quick appreciation in case of lack of bitcoin’s appeal, high cost with low transaction process. But unluckily, the main offender may be its rapidly growing worth.
Faucette says, “The ecosystem has focused more on value speculation rather than the foot-leather-eating work of increasing acceptance — way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”
In early June, Morgan warned the cryptocurrencies to join the traditional investment tools. In this context, they need to accept the government oversight. Accordingly, it didn’t persuasive what that would demand.
Meanwhile, until the bitcoin’s regulation introduces, the discussion is over that Bitcoin is an alternative formula of monopoly money. Or, a genuine currency is expected to continue without a definitive conclusion.
This brief guide teaches you how to use Tor-enabled internet browser on your iPhone device to put a stop to ad services, ISP, or cookies tracking your online activities.
Tor prevents these entities from tracking your use by encrypting the route to your iPhone’s IP address through different servers all across the world. This ultimately makes it virtually impossible for anyone to track your IP address without advanced knowledge or software.
Remember that there are several sites on Tor that do not show up during usual browsing. Some of the sites may contain harmful or illicit content. Visit them at your own discretion.
To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.
What is Bitcoin Hard Fork?
It is a compulsory software update that is required in order for the program to function. It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.
The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.
Bitcoin Fork Explained – What’s The Issue?
In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.
The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.
Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.
Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.
A fork is known as a software update. Basically, updating a program from an old version to a new one to fork bitcoin.
Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.
We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.
On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.
A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.
When is Bitcoin Hard Fork Happening?
Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.
On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.
Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.
What Will Be The Bitcoin Hard Fork Consequences?
When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.
This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.
What Should I Do in Order To Prepare For August 1st?
You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.
Who Will Be The Winner?
Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.
We’ll just have to patiently wait and watch how this turns out.
I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check.
It was in 2014 when Moscow’s Mayor, Sergei Sobyanin launched an innovative Active Citizen app. This app was actually an e-voting platform designed solely for the residents of Moscow to vote on municipal projects pertaining to non-political city decisions, e.g.; naming of subway stations, setting up speed limits, plotting of bus routes, replacing the building’s entrance door or even hiring a new management company etc.
The Active Citizen app was a huge success since its launch, more than 2,800 polls were being administered and over 2 million users participated via the app. But according to some critics this app grew vulnerable to manipulation with the passage of time.
That’s why, Moscow officials announced that they have piloted the Active Citizen onto the blockchain technology in order to minimize the vulnerability issue.
Usually, the term of blockchain is referred to the cryptocurrency transactions. It is a sort of a digitalized and decentralized online database pertaining to public ledger of crypto transactions and interactions. Though specific for tracking secure financial transactions of cryptocurrency, it will now also be used in the e-voting platform of Moscow.
What makes it a safest choice?
Russia’s National Settlement Depository (NSD) has successfully tested this blockchain based e-proxy voting system. This voting system is comprised of the following steps:
In the first step a Bondholder will pass vote to a nominal bondholder (NB)
The Nominal bondholder will in turn submit that vote to the blockchain
The designated Counting commission will count the votes and submit their results to the blockchain
Bondholder can latter verify whether the votes were counted correctly or not.
Hence it can be easily concluded that the process of blockchain based e-voting will resemble the secure crypto transactions to a great extent. Once the vote will be placed, it will be listed in a ledger consisting all the votes taken place across a node-to-node fully secure network. So, there will be no chance of data loss, fraud or third-party alteration once the vote has been casted.
In other words, blockchain is becoming a hallmark of digital accountability and security. It comprises of such a complicated mechanism of digitized security that it is almost impossible for the general public to ‘’hack’’ it in their traditional way.
According to some experts the use of blockchain technology will improve the transparency of e-voting system in Moscow and it should also be tried in the general elections as well.
Eximchain was established in 2015 at the Massachusetts Institute of Technology’s (MIT) media lab and is a supply-chain focused blockchain startup, which has managed to raise more than $20 million from a group of investors. Eximchain is basically an MIT-based software development company which uses blockchain to advance the SCF (supply chain financing).
SCF allows investors to fund an organization through its supply chain procedure by providing them further operating capital and functioning cash flow to upsurge its effectiveness and lessen risk. Companies that effectively succeeded this cash flow have reduced their inventory by almost 30%, heading to substantially lower working costs.
Even as a startup, it has managed to raise the funds to advance its own public blockchain which runs by private smart contracts, in order to offer multiple solutions for recording, executing and disseminating information for supply chain shareholders.
Who’s behind the funding?
One of the major cryptocurrency hedges from China, FBG Capital was behind the funding. There were also many other participants included such as;
INBlockchain, which is a blockchain capital firm. It was founded by a Chinese cryptocurrency activist, Li Xiaolai.
Kinetic Capital, which is a Hong Kong-based investment firm.
Now moving towards the token airdrop, Eximchain says that it will see approximately 1.5 million ERC20-based EXC tokens disseminated to contributors after verifying their identity. According to the company, EXC can be also transformed into the native tokens, on the blockchain of Eximchain itself.
Hope Liu’s Statement
Eximchain’s co-founder and CEO, Hope Liu stated;
“After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems. There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry.”
The funding is actually what makes the firm one of the latest ones to join the highly popular trend of distributing airdrops, through which firms allot tokens for free to the concerned parties, rather than holding token sales in the existing ambience of regulatory obscurity.