Day: January 23, 2018

What draws our attention in the crypto world is the diversity of Blockchain technological capabilities. One of them is online betting. If you are an eSport enthusiast and active appreciator of Blockchain technology, this article is putting the two together in the most contemporary way of eSport gambling.  According to Entrepreneur (2017), eSports betting is a form of online gambling facilitated by electronic systems– video games. Human-computer interfaces mediate those systems. Newzoo a provider of market intelligence covering the global games, eSports and mobile markets– estimates global gaming market growth to $143.5 bln by 2020 from the current $116 bln. The market volume of online gambling is expected to reach $59.79 bln in 2020. This is a massive turnover of cash! Along with the growth of the gaming industry, eSports gambling will also accelerate outperforming the traditional betting.

Disclosure: This is a Sponsored Article

How many times have you tried to bet for your favorite team on the result of the game thinking about how trustworthy the platform being used is? With the rise of online betting platforms and digitalization of gambling, middlemen and shady bookmakers discourage trust in the increasingly blooming online gaming industry. Well, this problem now seems to be resolved.

Blockchain can take care of it for you

Online betting requires innovation in penetration, whether it is in eSports or any other form of online gambling, digitalization of the process must be fair. A team of dedicated gamers and gamblers based in Austria enables trustworthy Blockchain technology to take care of it which builds trust for many advanced online betters. Ethereum Blockchain technology is speculated to be one of the strongest ledgers which were selected by Herosphere – a transparent platform for online eSports gambling with the mission to get rid of middlemen by utilization of smart contracts which allows performing credible transactions without third parties. These transactions are trackable and irreversible. People are in charge of their transactions and they are assured to be rewarded for choices they made. So, what is it? According to company’s white paper, Herosphere is an online eSports betting platform based around a cryptocurrency called HEROcoin. HERO creates the token and the smart contract (usable for anyone) and uses its own platform Herosphere as the first use case for the token. Although HEROcoin can be used on Herosphere, it is not entitled to it, meaning a richer target group – much-expanded diversity of users. It is not limited to only eSports pooling- the built-in support is designed for third-party participation which can allow different predictions on any topic in the future.

The company has built the Herosphere platform before the ICO which is impressing as people behind it seem to be serious about the idea and are in full understanding of the fast-evolving eSport gambling industry. The ICO ended and HEROcoin (PLAY) is listed on Coinbene. Here is what we need to know about ICOs– Initial Coin Offerings are similar to IPOs– Initial Public Offerings, only shares are replaced by tokens. It is a way of fundraising to deliver company’s vision entrusted by people. In case of ICO, “shareholders” are general public (similar to crowdfunding concept). An IPO is more for finance savvy and backed-up by proper financial education people. In both cases, everything involves taking risks. Also, in case of an IPO, shares are financial securities, whereas, coins are the currency where the fluctuating exchange rates determine value.  

The HERO tokens are still cheap compared to other online betting and eSports cryptocurrencies, but how long will this last? Media interest is just starting to build, and the token is just about to be integrated and established betting providers seem to show interest in bringing their service to a new level by cooperating with a working Blockchain solution. It is a good time to invest now in very likely anticipation of prices going up after media campaign kicks in and integration of token occurs in Q2 2018. Especially since it will probably be one of the first use cases on the Ethereum Blockchain.

Heroistic way to solve the problem- complete trust and decentralized gaming experience

From chaotic centralization to complete and trustworthy decentralization of eSports online betting by using the Ethereum Blockchain, Herosphere’s transparent record will allow users to predict events that occur in eSports games on www.herosphere.gg (as mentioned their existing betting platform with already over 230,000 registered users). Anyone who creates games on Herosphere will earn a special provider reward. All token holders are guaranteed a general reward out of all distributed prize pools. Game winners receive their respective part of the prize pool. Game creators are rewarded for their effort to create and manage games.

Let’s look at the other online betting platforms like ETHBet, Wagerr, Unikoingold, First Blood and Augur. All of the platforms have a standing profile. If to benchmark them, ICO performance would be a valid indicator. According to ICO Bench Score, Augur scores 3.6, First Blood- 3.5, Wagerr- 1.9, Unikoingold- 2.9, ETHBet– no info and HEROcoin– 4.3. Higher ICO scores might be due to stronger legal framework owned by HERO. HERO is the first legal ICO in Austria and, probably, in the European Union. Comparing the harder path taken by the team with solid foundation and legal framework, investing in HERO is promising payoffs in the future.

With the possibility for users to also use skins as a payment on Herosphere, they additionally participate in a $50 bln market with a further exponential growth to expect. Looking at the current success of WAX, for example, the HERO token seems to be just at the beginning of its potential when thinking of WAX recently hitting just a billion dollar market cap.

Paul Polterauer, the CEO and co-founder of Herosphere, says: HERO is an absolute pioneer regarding regulations on the topics of Blockchain and betting. Since they have closely worked with the Austrian administration and have sorted out all legal and tax questions before even listing their, it will allow them to purely focus on platform development and partnerships and deliver results on a fast pace.

It is exciting to follow HEROcoin, however, is it really a win-win position? As with all cryptocurrencies, it is hard to predict the real short-term value of HEROcoin but there is a promising background of motivated, well-organized team of people with a mission but time will show how successful HEROcoin will be. Also, societal adaptability of gamers to the Blockchain technology and transformation of eSports gambling might take a little while as it is a new thing for all 180 mln gamblers. As the Harvard Business Review explains, it would be a mistake to rush headlong into Blockchain innovation without understanding how it is likely to take hold. However, what good is that HEROcoin strives to pioneer the idea and allow the whole community to be in charge of the money flow where smart contacts create trusted and transparent processes. When thinking of the HEROs latest all-time high of just above $0.3, which equals to more than 15-times their ICO price and only trading yet at a relatively small market cap compared to other players on the market. Let’s see how fast the token price will go up with further development and partnerships of HERO!

A new bill introduced to the Virginia state legislature calls for a study on the impact of cryptocurrencies.

Cryptocurrency users have learned firsthand how destructive Trojans can be these days. It seems a new threat has emerged which goes by the name of Evrial. What makes this particular Trojan so annoying to deal with is that it can change a Bitcoin address copied to one’s clipboard. As a result, a lot of money will eventually be sent to the wrong Bitcoin address, which is a very worrisome development.

Beware of the Evrial Bitcoin-stealing Trojan

This is neither the first nor the last time Bitcoin users will be confronted with a Trojan. This sort of malware has been present in the Bitcoin industry for several years now. What makes it so annoying to deal with is that every new type seemingly offers some different functionality. Moreover, security researchers have had a hard time curbing these Trojans, as criminals have been getting a lot craftier in developing tools like this one.

In the case of Evrial, it seems this particular Trojan can be found across a fair few criminal forums. Bleeping Computer also mentions that this malware has been spotted in the wild, although it remains unclear if that is part of a targeted distributed campaign. One can find Bitcoin users all over the world, and most of them take computer security very seriously. However, when a tool like this one comes around and modifies the copied Bitcoin address on one’s clipboard, there is very little one can do to thwart the attack, unfortunately.

It seems the Evrial Trojan is also capable of stealing browser cookies and browser credentials. That is not uncommon behavior in the world of Trojans, although it is another thing to worry about as far as this particular strain is concerned. Hijacking cryptocurrency payments and even Steam trades seems to be the main objective of the malware’s developers, although it is a bit unclear what they hope to achieve by hijacking Steam trades.

Interested parties who frequent criminal forums on the darknet will be able to purchase this malware for as little as US$27. It is uncanny how low prices for such tools have dropped in the past few months, making them far more accessible to novice hackers. Apparently, the malware comes bundled with a web admin panel to build the executable file. It is still up to individual distributors to ensure people respond to their payloads, but that is only to be expected when paying such a small price for the malware in question.

With Evrial able to take control of the Windows clipboard, a very interesting situation ensues. Anyone who completes cryptocurrency payments through a desktop client or hardware wallet is potentially at risk due to this malware. After all, most users copy recipient addresses to the Windows clipboard before sending money. It is this copied information which can be altered by the malware. In most cases, it seems to affect Bitcoin payments only, but it’s not unlikely that some top altcoins will also be affected.

Since no one knows Evrial’s exact method of distribution, there isn’t much that computer users can do right now. The best course of action is to never download email attachments from unknown senders, refrain from clicking dodgy links on social media, and update any antivirus solutions installed on your computer. For now, users of other operating systems are seemingly unaffected by this malware, although that situation is always subject to change.

New York, NY – January 23, 2018 (Investorideas.com Newswire) Polymath, the first-ever security token launch pad, has today announced its partnership with Overstock.com, Inc.’s blockchain subsidiary, t0.com, Inc. (“tZERO”), in which Polymath is acting in an advisory role in connection with tZERO’s historic $250 million USD Initial Coin Offering (ICO). Polymath has provided advice to tZERO on the design, economic model, and distribution of tZERO’s security token, which is being issued in accordance with applicable securities laws. A portion of the proceeds of the ICO will be applied by tZERO toward the anticipated development of a regulated trading platform for securities tokens.

CEO of Polymath Trevor Koverko said, “tZERO is on the precipice of disrupting Wall Street as we know it. Our goals are similar-to create a thriving security token industry and allow companies and investors greater access, transparency and efficiency to an emerging token economy. We are excited to work with tZERO to provide ongoing consultation and support to the build out and distribution of the tZERO token, which will be a preferred equity token for tZERO.”

President of tZERO Joe Cammarata said, “We are doing something that has never been done before-creating the first ever preferred equity security token. Projects of such innovation require best-in-class partners, and so we are excited to bring Polymath on as advisors.”

Polymath CEO Trevor Koverko is available for interview

FORWARD LOOKING STATEMENTS

Certain statements and information in this communication may be deemed to be “forward-looking statements.” Forward-looking statements may include, but are not limited to, statements regarding the completion, timing or outcome of tZERO’s SAFE and security token offering and all statements (other than statements of historical facts) that address activities, events or developments that tZERO or Polymath intends, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments of tZERO’s and Polymath’s management as of the date hereof. tZERO and Polymath undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to a variety of known and unknown risks and uncertainties.

This press release is neither an offer to sell nor the solicitation of an offer to buy the tZERO SAFE or security tokens or any other securities, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

About tZERO

t0.com, Inc. (“tZERO”) is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology.

About Polymath

Polymath aims to be the industry first security token launch pad and disrupt the multi-trillion dollar securities industry by creating an open platform that gives global businesses access to the blockchain, smart contracts and token creation technology. The platform helps to form the basis of security tokens. Polymath’s mission is to become the open-source standard for launching securities tokens.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

This article originally appeared on Bitcoin Magazine.

With so many different initial coin offerings coming to market in 2017, it is evident not all of these ventures will be successful over the long haul. Status is one of the concepts which may actually succeed in the long run, assuming the team can deliver on their promises. The ambitions of this project should not be underestimated, though, as there is a lot more to come from Status.

What is the Purpose of Status?

On paper, Status aims to become a mobile Ethereum-based operating system. Users will be able to browse, chat, and complete payments on the decentralized web, all through one convenient interface. Additionally, the platform will let users store their Ethereum and Ethereum-based crypto assets, give them access to decentralized apps, and introduce options to buy and sell ETH locally. It is a very ambitious project which tries to tap into many different markets.

Can Status accomplish all its goals?

Even though the possibilities envisioned by Status may seem like a bit much, a lot of progress has been made already. The biggest question one has to ask is whether or not people are actually looking for solutions such as this one. When it comes to online chatting and messaging, there is stiff competition from services such as Telegram, Signal, and WhatsApp. Getting people to switch over to a brand new solution may not be all that easy.

However, there are some benefits to using Status over other messaging applications. It introduces “smarter private messaging” with additional functionality such as payments and smart contracts. Moreover, all communication is fully encrypted using a peer-to-peer protocol, which is rather interesting. Users are also given access to the decentralized economy through the built-in Discover function. Users can exchange currencies, services, and ideas without too many problems.

It appears that Status’s chances of success will hinge on the accessibility of decentralized applications. So far, there are a few solutions one can access, including uPort, Gnosis, Oasis Exchange, Aragon, and Ujo. It is evident that the DApps industry is still in the early stages of development, and a lot more projects will be added over time. It will also be up to DApp developers to list their creations on the Status platform.

The Future of Status Remains Undetermined

Even though Status is off to a good start, the biggest developments will occur in the future. For now, the project is still in early access, and the alpha release is open to the public. Transitioning to a more open internet is not something one can achieve in a matter of mere weeks or months. There is still plenty of work to be done with Status, as ensuring this particular project will be appealing to mainstream users will not be easy. So far, it seems this project is mainly targeting cryptocurrency and blockchain enthusiasts, although that situation will eventually change.

Just weeks after a digital wallet provider for Stellar Lumens was hacked another altcoin wallet has been hit. This time Iota users found their wallets emptied by hackers using malicious online seed generators. It was estimated that $4 million in Iota tokens was stolen in the digital heist.

According to the IB Times the attackers used spurious websites to generate password details for the fintech network. The hackers also used DDoS attacks during the incursion and succeeded in moving IOTA users’ assets to their wallets via seeds they got from a compromised website.

Stolen seeds

Seed generation is a process whereby an 81 character string is created to open or protect an Iota wallet. It is the equivalent of a username and password, or a digital key. Online seed generating websites can perform this task which is quite complex. It can also be carried out offline however requires some technical expertise.

The website exploited was iotaseed.io which generated the string by users moving their mouse randomly on the screen. The site has since gone offline leaving the unceremonious message “Taken down. Apologies.” It was the top result in the search pages for online seed generators – possibly an advert for a phishing site that had paid Google to be at the top.

IOTA secure

The Iota distributed ledger remains secure and only the wallets accessed with compromised seeds suffered losses. IOTA Evangelist Network member, Ralf Rottmann, took to Medium to explain the situation.

“From what I’ve heard, many users who lost their funds created their seeds at iotaseed.io. Chances are, the folks behind this and potentially other seed generators have sat tight for a while, collecting piles of seeds, though the actual numbers of users affected are not known to me. The fact, that iotaseed.io is still online at the time of this writing might suggest that the site got compromised itself, and its not the folks behind the service who ran the attack.”

Rottmann went on to state;

“The victims literally shared the keys to their wallets with the attackers by using the attackers’ website. In essence, from a purely technical and security perspective, all transfers that happened under this attack, are legitimate transactions. The attackers knew the seeds. You invited them into your wallet, by handing them your keys on a silver platter. The attackers did not leverage anything IOTA specific! This is super important.”

Some observers commented that the situation could have been avoided if Iota ran and maintained its own seed generator. However Iota co-founder, David Sønstebø, had little sympathy and said users should be responsible for their own security, he went on to add;

“Some inexperienced users went to a website that was listed in Google Ads to generate a password i.e a phishing site. As a consequence, they essentially gave their password to this nefarious operator. IOTA the technology has not been affected at all.”

The attack comes just a week after $450,000 of XLM was lifted a from compromised third party Stellar Lumens digital wallet provider.

The post IOTA wallet hackers make off with $4m loot appeared first on NewsBTC.

Despite the amnesty program for crypto investors is on its way, owners of offshore accounts can use a back door. #EXPERT_BLOG

The Malta Financial Services Authority published the feedback it received on its proposed rules for cryptocurrency investment schemes.

Identify Theft: Persona’s Blockchain Solution Offers Solution to Cyber Crime
Identity Theft: Persona Gives Control of Digital identity Back to Individuals
Persona: Zero-Knowledge Digital Identities For a Secure Digital Life Has Arrived
Persona Blockchain Secures Digital Identities and Blocks Out Cyber Thieves and Third Party Data Providers

Credit card theft, tax fraud, insurance and medical identity theft—in less than a minute, John reams off a dozen identity theft crimes he has committed.
“It is very easy to steal an identity,” brags John, whose true identity is concealed.
John is one of a growing number of cyber thieves who lurk on the dark web, a private network where personal identity information obtained through hacking and other illegal activities is exchanged. Their activities in this murky world have helped propel cyber identity theft to one of the top crimes and consumer complaints.

Whether your identity was snatched in the offline or online world, pieces of your life will likely end up on the dark web and traded among cybercriminals. Identity theft is the biggest risk to digital citizens who must provide personal information in all facets of their lives—from using social media or uploading a photo to conducting banking online.

Can you protect your digital life online?

The solution is never to have to hand over personal identification information to third parties. Regulators, however, are requiring more information be handed over more often as part of know your customer (KYC) requirements in an effort to deter cyber theft. By providing zero knowledge digital identity management solutions, Blockchain technology can uniquely protect consumers and businesses.

Identity management on the Blockchain empowers each individual to decide whether to share their identity and what private identity information they share with whom, explains Persona, a provider of a Blockchain-secured single identity management system.

This empowerment is possible because the Blockchain can authenticate a personal identity on an immutable, tamper-proof ledger system. Each identity is associated with an encrypted code, for which only the underlying individual controls the private key. To lock out cyber thieves from stage one, Persona uses a cross-verification process across multiple digital and a face-to-face procedure facilitated by notaries.

How to profit from a secure identity

Cyber thieves are not the only threat to your personal identity. Third-party data providers make billions of dollars a year selling private data. With the Persona identity management system, since individuals control their data they are the ones who can profit from it. They have the option of revealing selected information to trusted third parties. This information exchange will increasingly be provided as a service. A user could provide their email account in exchange for an air travel discount, premium account benefits, or other rewards and incentives.

While a Persona identity allows you to interact and transact anonymously, the Blockchain is not a dark web, but quite the opposite. All transactions are immutable and traceable. The source behind the formation of a new account, false news or insurance claim can be traced. The cyber-thief who tries to steal a Persona identity will soon discover that he can no longer erase his digital footprints.

A single sign-on digital identity

Once a Persona identity is verified, it serves as a single, sign-on identity across all facets of digital life. Whether writing a document, uploading a photo, chatting on social media or banking, all these actions require opening an account and supplying private data. The Persona identity is updated in one central place, negating the need to update dozens of accounts when your address or other personal information changes. Your credit rating, for example, could update automatically, triggering the provision of rewards and new services, such as a premium credit card with advanced benefits or a better mortgage rate. On the other hand, if one’s credit standing declines, this will be immediately apparent to those providing credit.

In addition to serving as a basic account profile, information can be attached to an identity to allow the same anonymity and security across diverse services, including credit rating profiles, medical records and reputation management systems. IoT devices used to remotely such as to track a shipment or provide home security could be more securely controlled through a Blockchain-secured identity.
Individuals can choose between two KYC verification services, community or private.

Each community verification brings you five percent closer to complete verification.  A private verification must meet the final 20 percent requirement.

Freedom is coming with PRS tokens

To leave your hackable digital life behind and assume a more secure Persona ID you will require the PRS token. With PRS tokens, digital citizens can obtain the verification services of their Blockchain identity. Although community verification is performed at no charge as a peer-to-peer service, the PRS token is required to initiate the service as well.

With their identities secure and controlled with their own private key, netizens are now free to chat, interact and transact safely across the digital world.

The post Persona: Blockchain Single Sign-on Identity Management Protects Your Digital Life appeared first on NewsBTC.

Despite its growth in the level of awareness, how to enter the crypto ecosystem still remains a mystery to a lot of interested participants. This new platform will allow the community of investors to make decisions in a decentralized manner. #SPONSORED

Gambling gives a sense of anticipation and excitement when people are in dire need of some entertainment. That’s why betting on sports is an activity that will always have traction. The industry is skyrocketing both in the online environment and offline. However, it poses challenges that Blockchain technology may be able to solve.

Disclosure: This is a Sponsored Article

A new Blockchain-based platform is preparing to disrupt an industry worth billions. Founded by Russian developer of B2C web apps, Baikov Artyom, XWIN CryptoBet has plans to make betting on sports more transparent, secure and stable. The new platform is built on Ethereum, which uses a proof-of-stake model based on smart contract usage, and a personal XWIN token to enable players to make the most of their passion.

On the Blockchain, the house doesn’t always win

The team behind the XWIN project is made of skilled professionals in the sports industry who believe in the successful creation of a more rewarding sports betting platform that works in the best interest of both players and bookmakers. One of the core benefits of Blockchain technology is the decentralized nature. It can be made into a safe virtual space where players can enjoy sports betting without the risks associated with conventional platforms, such as account lockouts for no good reason, arbitrages, or penalties for frequent wins.

XWIN CryptoBet reshapes the way players feel and how they behave when gambling. Built on Ethereum, the platform provides increased safety and more convenient betting for all users. All payments and transactions made are fully transparent. There’s also a simplified registration process and since players’ accounts are created on smart contracts, management is done autonomously.

A sports betting platform uniquely tailored for bookmakers

It’s no secret that bookmaking has grown into a full-blown business. To cater to the wishes of avid bookmakers out there, XWIN CryptoBet prides with a steady margin that varies between six and 20 percent. Winning bets made by betters go into their XWIN smart contract accounts and are managed individually. There’s a limited amount of tokens available, and 80 percent of them are targeted at players and investors.

To make betting on sports a seamless experience on XWIN, the general guarantee fund increases the nominal price of XWIN token, thus ensuring its value. The overall amount of tokens divided by 50 percent of the platform’s total guarantee fund equals one XWIN token (the nominal price). This way, there will be no risk of booming token exchange.

Token holders are at liberty to sell off their XWINs at any time through the platform’s Ethereum-based smart contract model. As for the free exchange pricing, it all comes down to supply and demand; followed by spikes in the nominal price of XWIN tokens and commission payments.

Investors eager to invest can fully access XWIN tokens during the development stage of the project. Currently, the price is estimated at 0.004 ETH. In order to pursue its mission and vision to improve the betting on sports industry, XWIN CryptoBet constantly works on improving and expanding the platform. A strategic approach to funds distribution has already been implemented. 32 percent is allocated to hiring skilled developers to works on building smart contracts, interface, and apps. To execute on its goals, 35 percent goes into crafting marketing, promotion and PR campaigns. 15 percent is reserved for maintenance and platform administration.

As of this January, the XWIN CryptoBet community prides itself with over 5,700 members. Those that want to invest in the project can participate in the first phase of the ICO, and get an initial 20 percent bonus (offer available until Jan. 15).

Propy, a real estate Blockchain startup, launches a pilot program with the City of South Burlington, showing Vermont is hopping aboard the real estate Blockchain trend. #NEWS

Cryptocurrency platforms have been prone to hacks throughout the years. Over the past 24 months, we have seen cybercriminals double down on their efforts to infiltrate such platforms and steal as much money as possible. In the case of Coincube, it seems a big heist took place not long ago. Its database was compromised, allowing an attacker to drain large sums of money. It was a very unfortunate incident, although it remains to be seen if the victims will be reimbursed.

Coincube Suffers Major Data Breach

For readers who are not familiar with the Coincube platform, allow us to explain it briefly. Coincube is an investment platform which mainly focuses on index-based cryptocurrency investing. Users can pick the coins they wish to trade, and the Coincube team will take care of the trading. Users remain in control of their funds at all times, which makes concepts like this one rather appealing. For now, the service is in closed beta, and it is a bit unclear when it will be opened to the public.

It is perhaps a good thing that this service is not open to the public just yet. According to an email sent to platform users, Coincube’s database was breached by an unknown assailant, but the number of victims was limited to just two accounts. One of those users is Coincube’s CEO, Robert Allen.

It is unclear who the other affected user is, nor do we know how much money was drained from these accounts, although the email claims it is “a large sum”. The assailant successfully gained access to the platform’s database and used API keys to log into specific user accounts. This may have been a targeted attack, although that has not been officially confirmed by the Coincube team at this point. All users are asked to delete any API keys connected to this platform and to generate fresh ones.

According to the email, the assailant gained access to these accounts in order to place large limit orders. By setting the price very close to zero, they quickly dumped through the entire order book to ensure the users’ available funds were drained quickly. Even though some money was lost in the process, it does show there was a clear intent to cause financial harm to owners of the affected Coincube accounts. It’s a very troublesome development, although it’s not the first of its kind.

So far, the Coincube team has performed a security audit and ensured its database is fully secure once again. Generating new API keys should not result in any issues, although users have been asked to implement IP address whitelisting as an additional security measure. Surprisingly, this is not possible on Bitfinex or HitBTC, which is somewhat worrisome. By using this whitelisting approach, only authorized Coincube trades will be performed on behalf of the user.

Considering that one of the affected users was the platform’s CEO, it is doubtful he will be reimbursed. The other account in question, however, is a different matter altogether. Although the email doesn’t mention any reimbursement, the company will have to undertake some action in this regard. For now, all users have received is an apology for the database breach, but that may not satisfy everyone. It will be interesting to see whether this hack affects the future of Coincube as a company.