Bitfinex’s LEO token, the ERC20 token issued by the subsidiary Unus Sed Leo, reportedly has deliberate flaws that allow the token to operate multi-billion dollar fraud according to the Cointelligence research firm. Let’s find out more in the altcoin news below.
According to the research company’s report, Bitfinex may have created a smart contract for the LEO ERC20 token deliberately that enables opening the floodgates to massive fraud. Bitfinex’s LEO token and its potential owner cannot print or mine the unlimited amount of new tokens but they can delete anyone’s coins including to the ones that are on the centralized or decentralized exchange or in the hot or cold storage, software, hardware or paper wallet. The LEO token which was launched back on May 10th allows the entity behind it to have unlimited control over the coin which could leave more room for a multi-billion dollar fraud.
Cointelligence explains the code parts that show how the token can be manipulated by the owner in every way possible. The controller contract allows the entity behind the token to issue, approve, transfer and change the controller itself. Also, the address that controls the LEO ERC20 smart contract can also be effortlessly upgraded to any address. Once the controller is changed, the owner can mine tokens further without ending or deleting anyone’s tokens in a matter of seconds. This can be achieved via the code functions like ‘’generateTokens’’ or ‘’DestroyTokens.’’
Cointelligence also simulated some of these actions by mirroring the LEO code on Ethereum. They discovered that the tokens can be minted and deleted easily by the owner at any point. Biftinex CEO Paolo Ardoino explained on Twitter:
‘’For security and future proof reasons we left the ability also to upgrade the Token Contract. That’s really a key feature for a contract that might live lot of years. Minting more tokens would just not make sense for Finex… like shooting our foot.’’
In the latest cryptocurrency news, Twitter users argued that EOS and TRON are the few examples of entities that could do the same with their tokens but nobody seems to be talking about it.
Coinbase Closes Its Bundle Product After 8 Months On The Market
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.
Japan Will Create International Crypto Infrastructure Better Than SWIFT
Former CEO Of WEX Crypto Exchange Gets Arrested In Italy
Join us on Facebook
- Big BTC Price Boom Will Bring To Consolidation: Market Experts
- Coinbase Closes Its Bundle Product After 8 Months On The Market
- Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
- Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
- Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News4 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Altcoin News4 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Regulation3 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Bitcoin News3 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Regulation3 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Press Releases4 days ago
Sorry Mr President, cryptocurrency has a bright future
Altcoin News3 days ago
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
Bitcoin News5 days ago
Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges