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Enigma, a cryptocurrency investment platform was miserably hacked on August 21st, during their training for a crypto-token sale for their Initial coin (Ethereum, Bitcoin, etc.) offering (ICO). It was meant to be a method of raising capital using digital currencies. that would be launched on 11 September.

Unfortunately, the company’s website, slack accounts and mailing lists were overtaken by hackers. Furthermore, the website was changed and many fake emails and messages were sent to visitors and those interested, influencing them to deposit money.

ethereum exchange

It was reported by TechCrunch that the $500,000 worth of Ethereum currency stolen was not from the company alone, but the large Enigma community with their slack members, mailing list, and Ethereum exchange. That’s a shocker since the Enigma staff had imposed a strict warning that they would never request for money this way yet, a large amount of the digital currency was stolen.

Highlight The Security Errors:

When it comes to thinking how such an attack could be carried out, reports prove that there were some weak points like two-factor authentication missing from the affected channels. There must’ve been a leakage of at least one of the account passwords, which would lead to this.

The company has broadcasted temporary closing of its Slack channel.

 

Story Credits: siliconrepublic

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Bitcoin TUTORIAL – How to get a wallet and your first bit coins

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An Important Announcement By Global ICO Accelerator Program

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Iconiq Lab, based in Germany, is a global token sale accelerator and initial coin offering program. According to a recent announcement by Iconiq Lab, it has decided to launch two new branches in the US and Asia. This announcement was made public by Patrick Lowry, CEO of Iconiq Lab. The US branch is expected to be launched in New York in May, while the Singapore branch will be launched in July 2018.with the first batch scheduled to begin in Nov. 2018.

When asked about the reason for that launch, Patrick Lowry stated that due to the terrific success rate of German accelerator program and the unexpected feedback from the target community are the main reasons behind that launch.

accelerator program

Why was Iconic Lab launched?

Reason behind the launch of Iconiq Lab was to compensate the needs of both crypto investors and efforts leading to the completion of their own initial coin offerings. Iconiq Lab also launched a global ico accelerator program which was further made possible through the launch of their own token, the ICNQ Club Membership Token.

Basically the Iconiq Lab refers to a German based initial coin offering program which is also acting as a token sale accelerator program at the moment. Edge of that company is that it funds, develops and accelerates the most promising crypto-startups leading to their own token sale. Their speciality is that they help launch tokens supported by real-world business demands and sustainable solutions.

Financial cooperation with EOS and FinLab

FinLab AG is a public trade based German FinTech company builder. In Nov. 2017 it placed a an investment into Iconiq Lab which no doubt was a minor one but had strategic importance. This mutual cooperation led to the successful launch of an accelerator program on behalf of Iconiq Lab. the result and feedback was quiet amazing as Iconiq Lab received almost 200 applications for the first batch of that program  in late 2017. Due to several reason, it shortlisted the applications and eventually selected just five applicants to enter the program. That program was properly launched in Feb. 2018 in Germany.

These five selected companies are propelling towards their own initial coin offering and are at the moment in the middle of a digital roadshow. These companies are also giving rise to innovative Blockchain solutions.

Iconiq Lab’s mission behind all these efforts is to allow the flow of characterized creativity by using tokens as financial instruments. According to some crypto experts it will also facilitate crypto investors with dependable data in case they are trying to judge new token investment opportunities and their future impact.

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Connecticut Resident Pleaded Guilty to Bitcoin Phishing Scheme

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35-year-old Michael Richo of Wallingford, Connecticut, finally confessed to stealing $365,000 in Bitcoin in Hartford Federal Court on Tuesday. According to a release from the US Department of Justice, through a phishing scheme, he posted malicious links programmed to appear as a replica of very popular dark market websites.

Richo accepted that he stole more than 10,000 usernames and passwords and used this data to supervise the bitcoin balance and accounts of victims. He then sold his victims’ assets on Bitcoin exchange platforms for US dollars.

He was previously arrested last October on charges of wire fraud, identity theft, and computer fraud. Eventually, he gave in and was pleaded guilty and is scheduled to be sentenced in September.

The charges are meant to carry a maximum sentence of 30 years of imprisonment.

 News credit: coindesk.com

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A Greater Russian Bond- Sberbank & MIT

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One of the biggest arms in Russian investment disc and the largest bank in the corporate and investment banking business of Russia, Sberbank CIB implemented the first of its kind blockchain based commercial bond transaction in the country. Joining hands with Russia’s telecoms expert MTS and the National Settlement Depository (NSD) smart contracts have been placed using commercial Rouble-denominated bonds.

blockchain bond

The Bond Deal

Sberbank CIB was the main organizer of the event. Sberbank was the main buyer of the issue of MTS bonds. Bonds have the maturity term of 6-months and the total sum of RUB 750 million. The annual rate of the bond in the OTC market stays at 6.8%.

The blockchain bonds technology was completely provided and supported by NSD. A full Delivery versus Payment (DVP) settlement model was based on blockchain bonds. This enabled a laidback transfer of securities and funds simultaneously. It is based on Hyperledger Fabric 1.1 to carry out the transactions.

Commercial bonds are placed on an over-the-counter (OTC) market through the private subscription. These commercial bonds are unsecured fixed-income securities.

The system implemented is highly transparent, including bond placement, circulation and record keeping. The system only operates using digitalized assets making it extremely secure and sheltered.

All the three entities had access to the transaction into the blockchain platform. Including the issuer, the central depository, and the investor. Considering all the obligations and necessities of the Russian legislation in dealing with all the accounts was made necessary. Confidentiality was kept foremost priority in dealings throughout.

All the participants could transfer and exchange the documents online and check the subsequent transaction’s status in the actual time it occurred. The full execution of the deal was able to be seen, from the placement of the bonds to the receiving of the cash.

This collaboration between the MTS and the Sberbank CIB is the first of its nature which enabled blockchains and blockchain bonds to gain the status of an industrial technology which accelerated securities settlement and certified confidentiality.

The initiators claim that the main aim is to an exemplary digital asset accounting infrastructure joining hands with market leaders. Infrastructure plays a crucial role for institutional investors to enter the market and for the increase in market’s capitalism and market’s successful development. The infrastructure plays an essential role in the flourished market growth.

Future Plans

Sberbank has already shown interests in blockchain projects previously. Last year the executive member of the company announced that the bank is in process cooperating with the Russian Federal Antimonopoly Service (FAS) on a project which is on a distributed ledger technology (DLT).

The delay in the project is mainly because of some unsolved and pending matters including some slow interaction of blockchain applicants. The Sberbank CIB has though forecasted great hopes and high expectations from the initiative. He also declared involvement of the bank in further other blockchain based projects.

Sberbank has also announced its blockchain laboratory which will develop blockchain based solutions. It will carry out pilot projects, product prototypes and implement applied business solutions for Sberbank CIB.

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Bitcoin Goes High When Miners Take a Step to Solve the Scaling Problem of Digital Currency

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Bitcoin miners are intending to support a new upgrade for the Blockchain of Bitcoin which may solve the scaling problem of digital currency. Most of the Bitcoin miners including Bitclub, AntPool, BTC.com, and BitClub have shown their interest to support the Bitcoin improvement proposal (BIP) 91, through adding a piece of code to every single new block of bitcoins they generated. This block needs 80% support to be “locked in” permanently to the blockchain. This will cause a relief as it stops the blockchain splitting into separate two chains, which would create two different coins effectively. Already 66 % of the last 144 blocks provided signal support for it.

According to Coindesk data, Bitcoin has recovered from a tough 8-weeks low of $1863 on Sunday to about $2329 today.

What is the Problem with Bitcoin?

 

Bitcoin has faced a scaling problem for some time, where the number of the transactions occur on the blockchain at one time are limited to 1MB every 10 minutes. This generates a backlog of the transaction which should process and slow things down.

The Bitcoin community has been looking for the best way to solve this scaling problem. Segregated Witness(SegWit) system is one of the solutions which would increase the transaction speed. But SegWit required about 95% support from the miners. Bitcoin fell about 12% on Sunday because of these concerns. However, Bitcoin miners have to respond to this problem.

What is the Solution of Scaling Problem?

Many members of the Bitcoin community have united on a solution known as BIP148. This may include a “User-activated Soft Fork”, where users of Bitcoin will force the blockchain to split by refusing any block of Bitcoin which didn’t indicate support for SegWit. BIP 148 was coming in action on 1st of August and if a large number of developers didn’t commit on the proposal, the blockchain can split.

Charles Hayter, founder and chief executive of CryptoCompare has explained, However, a large group of miners will continue to mine with Non-SegWit blocks in case of the BIP148. In such case two bitcoins would occur, one in which SegWit is active, and other in which SegWit is not active. This may have terrible results for one of the chains or even both. This could be one of the major factors behind the volatile support for BIP91.

Will Bitcoin Avoid a Fork?

To avoid Fork, miners are giving support behind BIP91, that would present SegWit2X to the blockchain. BIP91 requires only 80% support, rather than 95% and to be ‘locked in’ they would introduce the SegWit system.

The managing editor of The Black Swan Portfolio, Bram de Haas, told CNBC via an email on Tuesday, “BIP91 has a minor edge of adoption which made its implementation less risky and more realistic. Adopting the BIP91 will also decrease the possibility of a fork which many people like”.

Bitcoin will surely avoid a fork now but it’s not much terrible if it does not. Haas expected now the Bitcoin prices to rebound faster and faster.

 

Story Credit: cnbc.com

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