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Blockchain News

Blockchain-Based Adult Entertainment Platform Suffers Smart Contract Security Breach

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SpankChain, an Ethereum-based entertainment platform for adults, was attacked by hackers and quickly made its way into the crypto news today.

The security breach led to losing more than $38,000. The hack allegedly took place on October 6 and was discovered only the day after.

Attackers who are still unknown managed to steal approximately 165 Ethereum or $38,000 from the payment channel smart contract. Also, the hackers managed to steal up to $4,000 worth of the platform’s internal token named BOOTY.

The platform stated that bringing back all the clients’ stolen assets is an immediate priority. SpankChain will repay about $9,400 worth of Ethereum and Booty tokens directly to all users who were affected.

The company stopped its Spank.Live cam service in order to protect users by preventing them to deposit via the payment channel smart contract. The website is expected to reboot and the process is expected to take about 3 days.

The hackers possibly created a malicious contract that mimics ERC20 token that can do the transfer function that can go back into the payment channel smart contract hundreds of times without stopping, stealing Ethereum each and every time.

Smart contracts are really difficult to hack but since they are a young technology, it is prone to go bugs which can be considered an open door for scammers and hackers.

The adult entertainment industry is really using the benefits of cryptocurrencies and blockchain technology because the possibilities the technology offers in the context of anonymity and privacy.

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Bitcoin News

Russia Is Not Planning To Buy $10 Billion In Bitcoin

According to an official with the Russian State Duma Elina Sidorenko, Russia is not planning to buy $10 billion in Bitcoin after the rumors reached all crypto news media outlets. Sidorenko said:
 “This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”
Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
 “Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”
However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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Blockchain News

Huobi Re-Launched As Fully Licensed Platform In Japan

The world’s 7th largest crypto exchange by daily trading volume Huobi reaches our blockchain news today after re-launching in Japan as a fully licensed platform after it merged with BitTrade, announcing the news in an official press release. According to the press release, Huobi Japan Holding Ltd has officially acquired a majority stake in BitTrade back in September 2018 and at that time BitTrade was one of the rare exchanges that actually had a license from the national financial regulator. The CEO of Huobi Group Founder Leon Li pointed out that securing the license is a huge milestone for the company. In the press release, you can also look up how the security provisions are emphasized saying that Huobi Japan has a specialized distributed architecture or a Distributed Denial of Service countermeasures system and an A+ SSL certification. Also, Huobi Japan supports trading of Ethereum, Bitcoin Cash, Litecoin, Bitcoin and Ripple. Having a license as a crypto exchange in Japan is mandatory since April 2017 after the amendment of the country’s Payment Services Act was imposed but the agency has continued to look out for applicants in 2018 as well after the huge $532 million theft of NEM tokens from Coincheck happened. BitTrade, on the other hand, was the first FSA-licensed platform in Japan and was acquired by the Singaporean multi-millionaire Eric Cheng. He also acquired FX Trade Financial Co. which is BitTrade’s affiliate company. As of now, there are exactly 17 crypto exchange platforms in Japan that hold the FSA license. In the past 24 hours, Huobi made $299 million in trades.
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Blockchain News

$1 Billion In Transactions Reported For 2018 By BitPay

One of the largest crypto payment service providers BitPay has reported $1 billion in transactions for 2018 according to their official press release coming in into our crypto news today. Following the report, BitPay seems to have set another record in terms of transaction fee revenue after also gaining a couple of new customers such as Dish Networks, HackerOne and the State of Ohio. Another important notice, BitPay’s B2B business has also grown up by nearly 250 percent since 2017. Despite the huge crypto decline last year, co-founder and CEO of BitPay Stephen Pair pointed out that the company saw some growth over the year only because the product is much cheaper and faster than a bank wire from all around the world. The crypto payment service provider is still focusing on Bitcoin but, the reports show that BitPay has added another settlement support for other cryptocurrencies such as Bitcoin Cash but also for the USDC stablecoin and the Gemini dollar. Back in April, the company secured $40 million in Series B funding where major crypto industry players such as Tencent were included. Tencent is a company acquired by IBM back in 2006 and run by Alvin Liu and Christopher Klaus Family Office. CEO Stephen Pair also noted that his expectations for mass bitcoin adoption will come true in three to five years whereas BitPay’s chief commercial officer Sonny Singh has a prediction that BTC’s price will skyrocket up to $20,000 by the end of 2019 and as he believes, there won’t be any significant price movements in BTC (up or down) until institutional names come to market with their own products.
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Blockchain News

WordPress Is Launching A Publishing Platform With Blockchain Features

One of the leading online content management systems and the platform behind more than 40% of the websites out there, WordPress, has decided to launch a new publishing platform backed by Google and the Ethereum development studio ConsenSys among other partners. The platform is in the latest cryptocurrency news only because it has blockchain tools in it. Announced on Monday, the new product - called Newspack - is described as an "inexpensive" platform that offers technology and support for small as well as medium-sized news organizations. Google was the main backer with a $1.2 million investment, while ConsenSys contributed with $350,000. The Lenfest Institute for Journalism and the John S. and James L. Knight Foundation also took part in the investments, giving $400,000 and $250,000 respectively. A ConsenSys rep confirmed the investment yesterday, adding that newsrooms accessing Newspack will be offered the option to use blockchain based features made available through ConsenSys and its partner Civil Media. “The plugin will also act as a portal that will walk newsrooms through how to join the Civil Registry, the hub of community-vetted and -approved newsrooms,”  the rep added, saying that the plugin will also offer access to a "discovery portal" for consumers seeking news. Even though Civil was known for having some issues such as a failed token-based fundraiser which had to be relaunched, it apparently assisted a news site in archiving its entire article base on the Ethereum blockchain in December last year.
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