Blockchain.info’s Moving… Domains!

In the coming weeks, we’ll be consolidating blockchain.info into blockchain.com, making it seamless for our users to access all of our products through a single web experience. Like with all big moves, we’ve been feeling a bit nostalgic. Way back in A

Buglab: Revolutionizing Cybersecurity

Cybersecurity is a massive industry, with revenue exceeding US$138 billion globally in 2017, and is expected to achieve $232 billion by 2022. Despite this gargantuan size and projected double digit yearly growth, organization of the industry remains large

EOS Freezes Seven Accounts: Chaos Ensues

EOS freezes seven accounts

EOS freezes seven accounts as a counter to potential theft, but the action causes some to question the decentralization of the EOS network.

EOS Freezes Seven Accounts

The accounts were frozen after a unanimous vote was held by the 21 elected block producers. The block producers suspected that these accounts may have been holding stolen funds and so decided to take action before anything else could be stolen. However, the decision was met with heavy criticism.

The decision violated the EOS constitution, which requires decisions such as this to be made by arbitration bodies, ...

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15% of Metropolitan Bank’s Deposits are Owned by Cryptocurrency Investors

Metropolitan Bank, a commercial bank based in New York, has revealed that more than 15 percent of the bank’s deposits are made by cryptocurrency investors and clients, and that the bank is willing to continue its support for digital asset traders. In an interview with Leigh Cuen of Coindesk, Metropolitan Bank CTO Nick Rosenberg said: … Continued

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Crypto Shill John McAfee Blames SEC for Shutting ICO Pump

Cybersecurity pioneer and sometime cryptocurrency shill John McAfee said that he will no longer promote initial coin offerings (ICOs) on his Twitter account. The eccentric McAfee, who promised that he will “eat my d–k” if the bitcoin price fails to reach $1 million by 2020, wrote on Twitter that he must cease his public support

The post Crypto Shill John McAfee Blames SEC for Shutting ICO Pump appeared first on CCN

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies

South Korean cryptocurrency exchange Coinrail has unveiled its plan to resume service despite surrounding controversies. The exchange reportedly removed a key part of its terms of service right before it was allegedly hacked, arousing suspicions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Service Could Resume Around July 15

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid ControversiesSouth Korea’s seventh largest crypto exchange, Coinrail, reported that it was hacked on June 10. The damage is estimated to be around 45 billion won (~US$41 million).

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies
Coinrail’s notice.

On its website, the exchange states that 70% of its total coins have been safely moved to cold storage. In addition, “about 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers,” the exchange wrote, adding that the coins stolen are NPXS, DENT, BBC, ATX, JNT, and NPER.

Coinrail tweeted on Monday that it is in the process of restructuring its business in order to resume service around July 15. The exchange elaborated:

Coinrail will resume service before July 15 if it is determined that the service is ready to resume…We are constantly preparing a number of measures to recover the damaged coins and we will be reporting progress on the restoration measure at the end of June.

Unhappy Customers

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies
Notice outside Coinrail’s office. Photo by Informant.

Coinrail says, “We are setting up a recovery plan with various stakeholders such as coin developers,” Sedaily detailed, noting that some customers are skeptical and do not believe that Coinrail will resume service on that date.

On Monday, about 50 customers visited Coinrail’s headquarters in Gangnam, Seoul, EKN conveyed. However, there was a notice on the exchange’s front door advising customers that they will not be able to visit the exchange’s office.

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies
Customers outside Coinrail’s office on June 18. Photo by Informant.

Removal of User Compensation Clause

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid ControversiesPrior to the alleged hack, the exchange reportedly removed a clause from its terms of service regarding user compensation.

Sedaily explained “the controversy over the revision of the terms [of service].” The news outlet detailed, “Coinrail has been suspected a week before the [alleged] hack” of removing the terms of service pertaining to the company’s standard indemnification provisions. This caused some to suspect that the exchange is trying to avoid responsibility for damages caused by the hack, the publication elaborated. However, Coinrail explained:

We have been working to strengthen the responsibility of the company in accordance with the government’s policy with the revision of the terms of the contract.

In April, the Korean Fair Trade Commission (FTC) examined the terms of use of 12 cryptocurrency exchanges. The agency found a total of 14 unfair terms and recommended corrections. While the country’s largest exchanges such as Bithumb subsequently changed their terms of service to comply, Coinrail removed its related terms of service, the publication revealed.

Recently, Chosun reported that some banks detected suspicious activities and closed the Coinrail’s accounts in April. However, the exchange maintains that they were only unused virtual accounts and there was no hacking evidence detected, Hankyung noted.

What do you think of Coinrail’s situation? Do you think the exchange will reopen soon and compensate customers? Let us know in the comments section below.


Images courtesy of Shutterstock, Informant, and EKN.


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Stellar (XLM) & Tron (TRX) Shine – Coin Prices Rebound Amid Big Movements

Stellar (XLM) & Tron (TRX)

Stellar (XLM & Tron (TRX) – Most of the cryptocurrency market is in the green this morning, as we kick off our Tuesday. Ethereum (ETH) is still trading well below $550, but Bitcoin (BTC) seems to be making a surge towards the $7,000 range. Tron (TRX) remains the top coin with percentage gains today on the market, out of the top 100 cryptocurrencies.

Let’s take a look at the latest developments of two top 10 coins; Stellar and Tron.

Stellar (XLM)

ItBit is the first qualified custodian & licensed exchange to receive ...

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