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Ethereum-Based Synthetic Asset Platform Loses Over 37M Tokens in Oracle Attack

An Ethereum-based synthetic issuance platform lost over 37 million in synthetic ether. The Ethereum-based synthetic asset issuance platform Synthetix has lost over 37 million synthetic ETH (sETH) in an oracle attack, according to a report by The Block on June 24. While the amount of sETH in question is known to be over 37 million, the price of this loss in U.S. dollars is reportedly unknown due to its relative illiquidity on secondary markets. Synthetix allows users to mint and trade synthetic currencies peer-to-peer (P2P) on the Ethereum blockchain. One such synthetic currency is the token sETH, which apparently tracks the price of Ether using an oracle-backed price feed. Synthetix CEO Kain Warwick purportedly commented in the official Discord channel for Synthetix, saying: "There has been an incident with the price feed of sKRW, we are currently investigating the root cause, but during the time when the price feed was returning the wrong value we believe an automated arb bot conver..

Feel Lost When Finding Crypto Strategies? One Trading Platform Wants to...

sponsored What if you could copy what other crypto traders are doing? A trading platform notes that, when it comes to investing, many heads are better than one. An internationally focused trading platform says it is offering a social element to finance that has never been seen before — bringing together a strong community who can talk strategy and collaborate to achieve strong results. As well as enabling users to trade some of the world’s top stocks — Netflix, Microsoft, Amazon and Apple among them — eToro also provides access to a wide range of cryptocurrencies. Consumers can buy and sell the likes of bitcoin, ether, bitcoin cash, XRP and litecoin with ease, and receive instant updates when prices begin to fluctuate. Just like social networks that boast news feeds where friends and family post status updates, eToro enables users to write posts and share their opinions about the latest movements in crypto prices. Followers can subsequently like this content and share it if they wish..

Block.One Pays $30M for New Blockchain-Powered Social Media Platform’s Domain Name

Eos developer Block.one has paid $30 million in cash to purchase the voice.com domain name for its new blockchain-based social media. Eos (EOS) developer Block.one has paid $30 million in cash to purchase a domain name for its new blockchain-based social media, called “Voice.” The development was revealed in a filing published by the United States Securities and Exchange Commission (SEC) on June 18. According to the SEC filing, submitted by enterprise analytics and mobility software provider MicroStrategy, Block.one’s domain name purchase of “voice.com” was enabled by web domain registrar GoDaddy and concluded on May 30, 2019. In an official statement, Marge Breya — senior executive vice president and chief marketing officer at MicroStrategy — outlined what she believes to be the advantages of the purchase: “The word ‘voice’ is simple and universally understood. It’s also ubiquitous — as a search term, it returns billions of results on the internet. An ultra-premium domain name like V..

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..

Samsung to Seek Collaboration With Platform Firms on Blockchain Innovation and...

The vice chairman of Samsung says the firm will seek to collaborate with platform companies on the development of blockchain. The vice chairman of South Korean consumer electronics giant Samsung says the firm will seek to collaborate with platform companies on the development of blockchain, artificial intelligence and sixth-generation mobile networks. The news was reported by Bloomberg on June 16. The vice chairman, Jay Y. Lee — who reportedly serves as the firm’s de facto leader — held discussions with Samsung executives to discuss the potential collaborations last week, according to a company statement cited by Bloomberg. A platform company is an initial acquisition by a private equity firm for the purpose of making further acquisitions within a certain sector. Per Bloomberg, the move to pursue bleeding-edge technologies such as blockchain and 6G comes amid a rapidly changing business climate and structural changes in the technology industry, which ostensibly presents new challenges..

Binance to Stop Serving US Traders Following Announcement of US-Dedicated Platform

Binance’s updated terms of use notably includes a restriction of services to U.S.-based individual and corporate traders. Major crypto exchange Binance announced today, June 14, that it has updated its terms of use, which notably includes a restriction of services to United States-based individual and corporate traders. The restriction follows yesterday’s news that the company is launching a separate, fully regulated fiat-to-crypto platform for the U.S. market. Today’s announcement provides a timeline for the new terms to come into effect, specifying that: “After 90 days, effective on 2019/09/12 [12th September 2019], users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.” While the use of a virtual private network could ostensibly allow U.S. users to circumvent the new restrictions, withdrawals for non-verified users remain capped at up to 2 bitcoin (BTC) per 2..

McAfee Trading Platform Suffers DOS Attack Upon Launch

John McAfee's crypto trading platform was immediately hit with a cloaked HOIC DOS attack following its launch. Cryptocurrency enthusiast John McAfee's crypto trading platform was immediately targeted by hackers with a denial of service (DOS) attack following its launch, according to an official Twitter post from McAfee on June 12. According to the post, the web servers for the “McAfeeMagic” trading platform, were hit with a cloaked High Orbit Ion Cannon (HOIC) DOS attack. Cybersecurity website Imperva describes an HOIC DOS attack as stressing a network by “flooding target systems with junk HTTP GET and POST requests.” However, McAffee tweeted the same day that the website was operational again. According to the same post, the McAfeeMagic trading platform allows users to trade on 8 crypto exchanges, shadow trade professional crypto traders, and make fiat-to-crypto conversions with an over-the-counter (OTC) desk. John McAffee also intends to roll out his own “McAfee Freedom Co..

Brazil: R3 Develops Blockchain Platform With Major Banks and Stock Exchange

Blockchain software startup R3 revealed that it is developing a blockchain platform in Brazil with Bradesco, Itau and B3. Blockchain software consortium R3 revealed that it is developing a blockchain platform in Brazil with banks Bradesco, Itau and B3, Cointelegraph Brazil reported on June 12. The R3 Consortium — which is composed of large banks and technology companies — announced during the CIAB Febraban event in São Paulo that it is currently collaborating with Brazilian banks. During the event, R3 executives claimed that the consortium partnered with Itau and Bradesco banks to build a blockchain-enabled platform for foreign trade and insurance. The consortium — which recently opened an office in the country — further noted that the Brazilian stock exchange was also using its Corda platform for digital identification. The executive commented on the current developments, stating that before further expansion, blockchain technology needs to mature and become secure enough for large c..

Beaxy Launches Crypto Trading Platform Despite Hack Last Month

Despite last month’s hack, Beaxy’s CEO says he “couldn’t be happier with the product this incredible team has built.” Beaxy has announced the launch of its cryptocurrency trading platform on June 11 in a press release shared with Cointelegraph. In the release, the company said it was now live in 43 United States states and 185 countries. According to Beaxy, an exclusive partnership with OneMarketData delivers trading capabilities across nine order types, with transaction speeds of 225,000 per second per trading pair. The launch follows two years of development, and the platform says it has more than 60,000 pre-registered users. Separately, in May, Beaxy CEO Artak Hamazaspyan had uploaded a statement to Twitter confirming that the exchange had been hacked on May 22. Although the attackers attempted to steal valuable information, he claimed “no KYC data was compromised, no code was compromised, and no funds were stolen.” In a candid admission, he added: “This was not the first atta..

Report: Microsoft to Add Blockchain Tools to Its Power Platform

American technology giant Microsoft will reportedly make blockchain-based tools available to PowerApps and Microsoft Flow users. American technology giant Microsoft will reportedly make blockchain-based tools available to PowerApps and Microsoft Flow users, tech-focused news outlet GeekWire reported on June 10. Microsoft will purportedly announce its plans to add blockchain tools to its Power Platform during the Microsoft Business Applications Summit on Monday in Atlanta. Specifically, artificial intelligence (AI) and blockchain tools will be included in the company’s PowerApps custom application builder and PowerBI business intelligence tool. The Power Platform itself is a collection of tools — Power BI, PowerApps and Microsoft Flow — designed for collaborative work to build custom apps, automate workflows to improve business productivity and analyze data for insights. Microsoft has previously released several blockchain-powered tools based on its products. In May, the company int..
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