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Cyber Insecurity: A Repeat Hacker Attack on Vertcoin

Vertcoin (VTC) faces yet another cyber-attack where coins were double-spent with 603 blocks replaced by the hackers’ transactions. Understanding Vertcoin Vertcoin is a Bitcoin clone purportedly exhibiting ASIC-resistant traits due to regular mining algorithm changes. These changes occur as a result of a hard-fork. VTC boasts of a 12.5 million dollar market cap standing at the 194th position by market capitalization in the crypto market. Repeat Attack on Vertcoin Earlier in December 2018, Vertcoin faced a significant attack that led to a change in its proof-of-work algorithm. Since then, things seemed to hold up, up until December 2019. Just as […]

The post Cyber Insecurity: A Repeat Hacker Attack on Vertcoin appeared first on CoinBeat.

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Vertcoin
(VTC) faces yet another cyber-attack where coins were double-spent with 603
blocks replaced by the hackers’ transactions.

Understanding Vertcoin

Vertcoin is a Bitcoin clone
purportedly exhibiting ASIC-resistant traits due to regular mining algorithm
changes. These changes occur as a result of a hard-fork. VTC boasts of a 12.5
million dollar market cap standing at the 194th position by market
capitalization in the crypto market.

Repeat Attack on Vertcoin

Earlier in December 2018, Vertcoin
faced a significant attack
that led to a change in its proof-of-work algorithm. Since then, things seemed
to hold up, up until December 2019.

Just as the month started, the VTC
main blockchain lost 603 blocks after which the attackers replaced them with
553 of their blocks. During the attack, the hackers managed to transfer 125
VTC, an equivalent of $29 to their wallet address.

Salvaging the situation, Bittrex,
Vertcoin’s busiest exchange by real volume, had a lockdown on withdrawals soon
as they recognized the malpractice.

The 51% Attack Explained

It started as a significant
increase in VTC’s hash rate rental prices for its mining algorithm Lyra2Rev3 on
Nov. 30. Purportedly, there are claims that Nicehash, a hash rate rental
service, conducted the attack.

Lovejoy revealed in a statement,
“Given the reorg was just deeper than 600 blocks, (Bittrex’s confirmation
requirement for VTC), it is possible that Bittrex was the original target. But
the double-spend portion attack was aborted due to Bittrex disabling their
wallet before the fork could be released.”

It is possible that the attack run
losses for the attackers. James Lovejoy, a lead maintainer of Vertcoin,
revealed that the process must have required an expenditure of between 0.5 to 1
Bitcoin to complete the hack. Before the hack was stopped, the attackers only
managed to secure 0.44 BTC. Therefore, the attack was a losing situation.

un losses for the attackers. James Lovejoy, a lead maintainer of Vertcoin, revealed that the process must have required an expenditure of between 0.5 to 1 Bitcoin to complete the hack. Before the hack was stopped, the attackers only managed to secure 0.44 BTC. Therefore, the attack was a losing situation.

Source: https://coinbeat.com/cyber-insecurity-a-repeat-hacker-attack-on-vertcoin/?utm_source=rss&utm_medium=rss&utm_campaign=cyber-insecurity-a-repeat-hacker-attack-on-vertcoin

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Da Vinci Capital Reportedly Requests $100 Million from Telegram for TON’s Failure

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A large investor in Telegram’s failed Open Network (TON) has reportedly requested $100 million in compensation from the company. Otherwise, the investor – Da Vinci Capital – has warned with taking legal actions against the messaging platform.

TON Investor Demands $100M

Telegram’s TON initiative was among the most widely-discussed blockchain-related projects in the past few years. However, the endeavor faced almost immediate backlash from the US Securities and Exchange Commission (SEC) as a US court decided at one point that the native currency – GRAMS – is a security token, which couldn’t be sold in the US or anywhere else.

Telegram attempted on multiple occasions to fight the court’s decision and to prove that GRAMS is not a security. However, to no avail and Pavel Durov, the company’s CEO ultimately had to throw the towel by saying that “Telegram’s active involvement with TON is over.”

Although the company has distanced itself from the failed blockchain project, the problems keep following it, according to a recent report by Forbes Russia. Citing anonymous people familiar with the matter, the coverage said that Da Vinci Capital, an investor in the $1.7 billion initial coin offering, has requested compensation for TON’s failure.

Lawyers from the Moscow-based investment company have reportedly sent a letter of intent to file a claim to Durov, Telegram Vice President Ilya Perekopsky, and other executives and lawyers involved with the project.
The report says that Da Vinci Capital had demanded roughly $100 million as compensation.

Two Weeks to Answer

Forbes’ coverage further explained that Durov and his colleagues have two weeks to transfer the funds or notify the lawyers from the investment company if they decide to reject it.

However, if Telegram fails to answer in the provided timeframe, Da Vinci Capital has the right to take the matter to court.

Apart from these allegations, Telegram recently negotiated funding round to raise at least $1 billion in a private bond placement to accredited investors from Russia, Europe, the Middle East, and Asia. Those bondholders would be able to convert debt into shares at a 10% discount to the offering price if Telegram decides to go public in the next five years, revealed the conditions of the round.

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Source: https://cryptopotato.com/da-vinci-capital-reportedly-requests-100-million-from-telegram-for-tons-failure/

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ChiliZ To Expand Operations, Will Invest $50 Million in the US

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Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.

ChiliZ To Set Up New York Office

Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :

“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”

On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.

The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.

Aims To Double Up on 2020 Revenue

Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:

“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”

Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.

Big Market For ChiliZ?

For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.

“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”

NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days.  Perhaps, ChiliZ is taking a cue from this to target the American sports market.

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Source: https://cryptopotato.com/chiliz-to-expand-operations-will-invest-50-million-in-the-us/

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Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

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BCB Group, a crypto payment/trading services provider, today announced it has closed a $4.5 million investment round. The strategic funding was co-led by North Island Ventures and Blockchain.com Ventures; with participation from Pantera, L1 Digital, and Pack Capital.

As a dual regulated institution, BCB Group offers an end-to-end suite of payment processing, cryptocurrency trading, and custody. Services are accessible through a unified API-enabled platform; allowing clients to access a full range of crypto-asset products in one place.

Funding

The proceeds of the round will be used to fund investments in several new initiatives…

These initiatives include: BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset. BCB Yield Accounts, a product offering clients a return on their positions. And BCB Wealth Partners, a comprehensive crypto service for private wealth clients.

“There’s so much more we want to offer our clients; and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
– BCB Group Founder and CEO, Oliver von Landsberg-Sadie

Previously, back in March 2019, BCB Group received funding from NKB Finance and a private investor in a $1 million seed round; which brought the company much-needed talent in engineering and operations.

Source: bcbgroup.io

Source: https://www.cryptoninjas.net/2021/03/02/crypto-services-firm-bcb-group-raises-4-5m-led-by-north-island-ventures-and-blockchain-com-ventures/

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