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Research Claims EOS Network Can Freeze, Block.one Denies Any Errors

EOS users have been experiencing periodic problems with the network access, developers reassure that everything is “operating correctly.” Within the past few weeks, EOS blockchain protocol users have been experiencing periodic problems with network access. A recent article written by pseudonymous smart-contract developer and security engineer Dexaran described the apparent root of the problem: an inexpensive technique that allows hackers to “congest” the network — or put it into a low-efficiency mode — with just a few dollar’s worth of EOS. Seemingly, that exploit allowed a hacker to steal more than $110,000 in cryptocurrency from an EOS gambling application, EOSPlay, earlier in September. However, executives of EOS’s parent firm, Block.one, are not fazed, arguing that the network is operating “correctly.” EOS basics: Governance, staking and congestion modeEOS.io is a blockchain-powered smart-contract protocol for the development and hosting of decentralized applications (DApps). It e..

HitBTC Claims Startup Faked Balances as it Denies Freezing $20M Worth...

Allegations by Atlas Quantum are unfounded, HitBTC officials say, pointing to incorrect balance formatting in a publicity video. Cryptocurrency exchange HitBTC has denied allegations that it froze Brazillian investment startup Atlas Quantum’s funds, claiming the evidence is forged. Atlas Quantum claims the exchange froze $20.7MIn a Twitter argument which began on Oct. 2, the exchange said it had no record of blocking the accounts of Atlas Quantum. The latter had alleged in a video on Sept. 18 that HitBTC froze 1,862 BTC ($15.3 million) and over $5.4 million in stablecoin Tether (USDT) in its account. HitBTC then responded to the tweet continuing the complaint this week, which Atlas Quantum subsequently deleted. HitBTC: Atlas Quantum “forged” balancesCiting non-standard placement of figures in the balances of Atlas Quantum’s account, HitBTC officials claimed that the images of the account were fake, adding: “We cannot confirm the recently published claims by Atlas Quantum regarding ..

Report: LedgerX Claims Ex-CFTC Chairman Stalled Approvals Due to Personal Bias

Crypto derivatives firm LedgerX alleges that former CFTC chairman Christopher Giancarlo obstructed the approval of its DCO registration due to personal bias. Cryptocurrency derivatives firm LedgerX alleges that former United States Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo obstructed the approval of its amended Derivatives Clearing Organization (DCO) registration because of personal bias against the firm’s CEO Paul Chou. As Industry news outlet Coindesk reported on Sept. 28, LedgerX made the allegations in two letters obtained via a Freedom of Information Act request. The first letter — dated July 3 — states: “We have strong reason to believe that this unreasonable delay that is in clear violation of the Commodity Exchange Act is related to the Chairman’s animus towards a blog post written by our CEO.” Preferential treatmentPer the report, while Giancarlo did not answer the outlet’s request for comment, Chou confirmed that the letters are real, accurat..

Tron Still Hasn’t Fully Paid for BitTorrent a Year On, Creator...

The final installment of the cryptocurrency payment is allegedly stuck in escrow, with the deadline two months past. BitTorrent creator Bram Cohen has added to controversy swirling around Tron CEO Justin Sun by claiming he did not fully pay him for the streaming platform. Bram Cohen says last payment for BitTorrent still in escrowIn a series of tweets July 25, Cohen said that the proceeds from the sale of BitTorrent, which Sun purchased last year, had not arrived in full. Tron took over BitTorrent for an undisclosed amount in cryptocurrency, with Cohen now complaining the final installment had been stuck in escrow for two months. “Anybody know if Justin Sun is hard up for cash? He isn't letting the last payment for BitTorrent get out of escrow,” he wrote. As Cointelegraph reported, Sun is currently under pressure after reportedly sparking an investigation by Chinese authorities into his business practices. Accounts of the facts differ, with Chinese state media claiming Sun had..

Report: Fortress Offers to Buy Mt. Gox Bitcoin Claims at $900...

Fortress Investment Group has reportedly sent out an email offering to buy Mt. Gox creditors’ bitcoin claims for $900 per bitcoin. Fortress Investment Group is buying bitcoin (BTC) claims from Mt. Gox creditors, according to a report by CoinDesk on July 8. The Japan-based cryptocurrency exchange Mt. Gox filed for bankruptcy in 2014 after losing $473 million worth of bitcoin at the time due to an apparent hack. Bitcoin reportedly experienced a subsequent decline in value, dropping by 36% over the month when this took place. As per the report, Fortress executive Michael Hourigan has sent out a letter to creditors detailing the buyback offer. According an apparent copy of such a letter, Fortress has offered to buy the bitcoin claims back at approximately double the bankruptcy value. The value of the claims at the time Mt. Gox was declared insolvent was reportedly $451, while Hourigan says Fortress can offer $900 per coin. The letter also notes that the purchase could be made in bitcoin ..

Kik’s Claims About Kin Blockchain ‘Inaccurate,’ Coin Metrics Report Alleges

Kik’s claims that its Kin blockchain had exceeded ether and bitcoin in terms of daily activity are being questioned in a new Coin Metrics report. Kik has made inaccurate claims about activity on its blockchain to the United States Securities and Exchange Commission (SEC,) a Coin Metrics report alleged on June 24. The report focused on two assertions made by the company about its Kin blockchain and eponymous cryptocurrency. In a November 2018 letter, Kik had claimed that its blockchain had “exceeded Ether and Bitcoin in daily blockchain activity, demonstrating Kin’s wide acceptance and adoption.” Coin Metrics claims daily operations, the measurement Kik used to gauge activity on its blockchain, included a high number of account creations — but many of these accounts were being left empty. Although Kin did have a large number of on-chain payments, the report said it fell “well below other major blockchains” in terms of transfer value. Kik had also questioned why the SEC was regarding th..

Twitter User Withdraws His Accusations, Claims TradingView’s Fibonacci Tool Is Not...

The analyst who claimed that TradingView had a bug in its Fibonacci retracement tool has now admitted that it “works perfectly fine.” The CTO of TradingView, a popular chart analysis service, has told Cointelegraph in an email on June 18 that the previous reports of a bug in their Fibonacci retracement technical analysis tool were inaccurate. As Cointelegraph reported earlier this week, a tweet by self-proclaimed certified Elliott wave analyst, Twitter user Cryptoteddybear, had claimed that TradingView’s Fibonacci retracement technical analysis tool was broken. On June 13, Cryptoteddybear had written about the Fibonacci tool provided by the company, noting that “nobody in crypto twitter seems to give a s*** or to understand how bad the problem is.” However, five days later on June 18, the user then tweeted about the tool again: “It works perfectly fine for calculation on arithmetic scale and is therefore fine for short Time Frames calculations. It is doing what it is supposed to do fo..

MetLife’s LumenLab Using Blockchain to Automate Life Insurance Claims

Bereaved families who place an obituary for a loved one in a newspaper will now be able to instantly trigger searches for a matching life insurance policy. MetLife subsidiary LumenLab is using blockchain technology to automate life insurance claims, according to a news release published on June 17. Known as “Lifechain,” the collaboration with Singapore Press Holdings and NTUC Income will enable bereaved families who place obituaries in a local newspaper to instantly trigger searches to see whether their loved one had a life insurance policy. This month, 1,000 Income policyholders will be randomly selected to take part in a pilot scheme. The technology works by submitting the deceased’s National Registration Identity Card to Lifechain as hashed data once consent from the family has been obtained. Families are notified within one business day when a matching policy is found, and a notification is automatically sent to the insurer so the claims process can commence. Julian Tan, the chief..

Twitter User Claims TradingView Has Ignored a Fibonacci Retracement Bug for...

Popular chart analysis service TradingView contains a bug in the Fibonacci retracement technical analysis tool. Popular chart analysis service TradingView reportedly contains a bug in the Fibonacci retracement technical analysis tool, according to a tweet by self-proclaimed certified Elliott wave analyst Cryptoteddybear published on June 13. The Elliott wave principle is a type of technical analysis for predicting prices in financial markets by looking at recurring patterns. In a video that he uploaded to YouTube, the analyst explains that the tool does linear calculations when in logarithmic charts, which he notes is a significant issue for Elliot wave traders. The official Twitter account of the company behind the charting service answered his tweet, announcing that the issue is being investigated, to which Cryptoteddybear answered: “Thank you @tradingview for finally taking this issue seriously.” The first reports of the bug, posted over five years ago (in November 2014) on con..

Insurtech Platform to Apply Blockchain to Auto Claims With New Funding

A blockchain/AI platform for insurance claims by BlockClaim has received about $627,000 in seed funding. Insurance tech firm BlockClaim has recently received £500,000 ($627,000) in funding for its blockchain-based claims solution, according to an official blog post on June 17. The firm raised the funds from venture capital firm Amadeus Capital Partners and software firm Pragmatica, in addition to other angel investors. According to the announcement, BlockClaim uses blockchain technology to automate its claims process. Furthermore, the company says the product reduces claim costs by 20% and results in faster settlements. As per its website, BlockClaim uses a private blockchain to streamline the claims process: “Leveraging the power of a private blockchain helps to keep data clean, speeds up processing time and increase claim auditibility in the ecosystem.” The product also reportedly makes use of artificial intelligence (AI) in order to provide fraud detection. For instance, the post s..
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