IOTA Trinity Wallet Is Under Attack, Coordinator Node Has Been Turned Off

Through its official Twitter handle, IOTA Foundation revealed that the Trinity wallet is under a possible hacker attack. After various IOTA holders complained about missing coins, the foundation said it was suspending its platform’s node known as the Coordinator as investigations are ongoing, an IOTA status update indicated on Feb. 13.

According to a report by Cointelegraph IOTA emerged as one of the dominant innovations during the 2017 crypto bull run. The IOTA coin is not developed on blockchain technology, making it one of the unique cryptocurrencies in the market. The virtual asset that is contained on the tangle via Directed Acyclic Graph platform which is shortened as DAG.

The Coordinator is run by the IOTA Foundation which is a temporary protection measure within the Tangle platform. While IOTA still depends on the Coordinator but had initiated a discussion to eliminate the node in 2018.

The Trinity wallet was released last summer to store IOTA. on Feb. 12, a team from IOTA Foundation used its Twitter account to urge IOTA holders not to access their private wallets until all the investigations are finished.

After preliminary investigations, the team of investigators from IOTA Foundation revealed that the culprits had acquired the private keys of the affected accounts. The investigators also found that about 10 accounts had been affected and all of them comprised of the use of Trinity wallet. The investigators also stated that about 50% of the affected people had reported cases.

The IOTA Foundation also said that it will provide a full report of the prevailing events after the conclusion of the investigations. The Foundation stated that it was limiting the information released to the public in efforts not to provide the hackers with information they can use to enhance their activities. The Foundation also stated that the current data is not yet fully decisive.

IOTA has faced various troubles since its inception in 2017. In December 2019, the platform shutdown its mainnet for 24 hours.

We will update you as we get more information about the issue.

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Author: Joseph Kibe

Walmart Canada, DLT Labs Put Mission-Critical Freight and Payments On Blockchain In Real-Time

  • The blockchain technology will allow users to trace deliveries, handle payments, and more.
  • SVP of logistics, John Bayliss, stated that blockchain helps the company to reduce their impact on the environment.

Blockchain technology is easily one of the biggest innovations to arise in the last decade, especially considering the censorship-resistant and transparent ledger that it offers inside and outside of cryptocurrency. Supply chain management has benefited in multiple areas around the world, and a press release by Walmart Canada shows that the retail giant has rolled out their own blockchain-based network.

The network will be used in their payment management and freight tracking, hoping to improve processing. Users will be able to trace deliveries, while still verifying and handling payments, as well as reconciliation.

The press release adds that the network is set up in such a way that it can be used with the legacy system already in place. In doing so, it also,

“manages, integrates and synchronizes all the supply chain and logistics data in real time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger.”

The senior vice president of logistics and supply chain at Walmart Canada, John Bayliss, recently drew attention to how efficient that blockchain technology can be with so much inventory to maintain. Bayliss remarked,

“This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners. Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain.”

He also pointed out blockchain offers the company a way to reduce the impact that they make on the environment, supporting their “environmental sustainability” work. Walmart has consistently been proactive in their efforts to implement this fintech for the internal protocols they have, and they even announced the goal of using blockchain tech for the tracking of shrimp from India to their Sam’s Club stores in the US.

Walmart submitted an application for a patent on a blockchain-based drone communication system in August. The system, connecting vehicles to one another, would send messages, blend the networks for communication, and show the location and bearing of various machines.

Even with this progress, there are some entities that see major hurdles ahead of companies like Walmart and Nestle that are taking on blockchain systems, but it has nothing to do with the technology. Instead, it is the “illusion of traceability,” as Craig Heraghty states. Heraghty, an agribusiness leader at PwC, states that physical points of entry aren’t guaranteed to be foolproof, even if the data on the record cannot be changed.

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Author: Krystle M

Crypto Guru John McAfee Says It’s Not the Exchanges Job to Fight Cryptocurrency Crimes; Is He Right?

McAfee Also Mentioned that Authorities Should Handle Crypto Crimes

John McAfee continued by saying that authorities shouldn’t be helped by cryptocurrency firms or trading platforms to control frauds done with digital currency. He also mentioned that he hopes to see the society free from an “overburden and corrupted government” and prevailing over the criminal activity in crypto technology.

“You can’t put that responsibility on me as an entrepreneur. You can’t require me to assist you in preventing what might be a future crime.” he said.

More Than 1,500 Suspicious Crypto Related Activities in August 2018

The United States Financial Crimes Enforcement Network has reported more than 1,500 Suspicious Activity Reports related to cryptocurrency, in only one month. This has convinced many industry players to take an active role in fighting crypto scammers, in spite of McAfee’s recent opinion that it’s not their job to do so. Noting that the blockchain analytics company Chainalysis has already implemented a system of alerts for suspicious transactions, in 15 of the most important cryptocurrencies. This tool is very helpful for crypto exchanges and different financial institutions that want a good reputation and to mitigate their regulatory risks.

Chainalyzis Report Reveals Mostly Ransomware Attacks for Laundering

The report Chainalysis released in the spring says that 64% of the crypto illegalities were ransomware cash-out attacks meant to launder money through crypto exchanges. Another 12% were about mixing services, while 6% were peer-to-peer networking scams. The rest used dark web markets and merchant services, providers. At the end of August, Chainalysis revealed that the stolen money was 8.1% of all the funds in the cryptocurrency mixers, which fortunately is not that much.

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Author: Oana Ularu