IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and implementing a secure way for users to protect their funds. Here’s how.

One of the most highlighted news stories in the past month is the hack that happened on IOTA’s top wallets on Trinity, raising concerns on the overall security of funds in the crypto industry. The hack, which compromised a number of wallets, as reported by Iota Foundation. The official tweet read,

While fears of the hack spread to mobile based Trinity wallets and desktop wallets as well, the Foundation confirms only the desktop wallets were compromised calling everyone who used their Trinity wallet to take necessary steps to secure their wallets.

Hardware wallet users have nothing to worry about at the moment but the team calls on users to switch their passwords for extra security.

Securing your IOTA trinity wallet

According to the post mortem carried out on the nature of the hack, the compromise started on the MoonPay feature that allows users to buy IOTA on the desktop wallet. The breach allowed the hackers to obtain private keys on the wallets hence allowing the stealing of funds.

In order to secure the wallet from the breaches, password changes are not the only security measure the Foundation proposes. Users are urged to upgrade to the new patch developed to protect themselves, as the new patch does not include the MoonPay feature. The users will need to acquire new passphrases (seeds), an 81 character keys that hold the IOTA tokens on the Tangle coordinator.

The IOTA protocol will be reopened once the new tool is launched.

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Author: Lujan Odera

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

Zap Lightning Network Wallet Founder Launches Strike, The ‘Best Shot’ of Achieving Mass Adoption

The Lightning Network wallet Zap founder Jack Mallers has announced a new application called Strike that will allow you to make Lightning payments with your debit card or bank account. This means, there will be no wallet, no channels, nodes, swaps or liquidity management anymore.

Built on Olympus, it is “designed to usher in an era of Bitcoin that we believe has the best shot of achieving our mainstream hopes and desires.”

Mallers explains in his Medium post that volatility is the prime issue they had because while it is an opportunity in the market, in a consumer-merchant setting it is a non-starter, making it “extremely” difficult for them to accept bitcoin.

Another big issue is taxes. In the US, bitcoin is taxed as property and spending it a taxable event which even extends to the Lightning Network.

“As a merchant, this was arguably a bigger issue. (…) The tax headache was not worth it, and nearly all merchants opted out of accepting bitcoin.”

Creating a wallet, custody and owning Bitcoin was another as people didn’t want to. With Strike, Mallers says,

“We aren’t just changing how Bitcoin looks, but also how it feels. We’re changing a consumer’s relationship with Bitcoin and Lightning, how it is used, and how it is viewed. We’re opening up new ambitions, new ideas, new possibilities, and a new, mainstream audience.”

This product can be used to buy Bitcoin and sell it and by simply scanning the QR code and clicking pay, used for remittance payments and for internet tipping as well.

But it isn’t a custodial wallet so if you are hacked and your BTC stolen, then no one can do anything about it and you have completely lost them.

The second layer on the Bitcoin network, Lightning Network offers real-time cheap settlements, where Strike aims to make the barrier of entry low but high flexibility and ease of use.

Strike is expected to be live on App Stores in the coming months meanwhile to join the beat list of the project, you can go to strike.zaphq.io.

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Author: AnTy

TokenSoft Debuts New Wallet Enabling Investors to Self-Custody Security Token Investments

TokenSoft, a US licensed security token platform, has launched a new wallet that will make it easier for investors to self-manage their security tokens accounts, CoinDesk reports.

The new offering, which was revealed on Thursday, provides the platform users with an easy to use and highly secure wallet where they can hold as well as control their investments. The new product also comes with an automated dividend distribution as well as an in-built reporting mechanism for the token issuers. If a client has more than $1 billion worth of investments, they can use the multi-signature security tool. Mason Borda, TokenSoft CEO, expressed his gratitude for the new product. He said:

“We’re excited to bring a multi-signature wallet security packaged in a self-controlled, easy to manage brokerage-style experience to the over 100,000 investors using our platform.”

The new product by TokenSoft supports different security tokens which adhere to the set regulatory requirements such as Tezos’ FA1.2and ERC-1404.

According to the firm’s head of business development, Jordan Davis, the TokenSoft Investment Accounts wallet will add more pressure on financial companies to provide investors with improved services as well as management tools. He said:

“People will be able to add or remove service providers from accessing their assets the same way you can add or remove profiles from your Netflix subscription.”

Tokensoft’s subsidiary, DTAC LLC, obtained a transfer agent’s license from the U.S. Securities and Exchange Commission (SEC) which is an imperative step on the firm’s quest to introducing tokenization in the conventional securities and finance industry.

Borda has previously explained that TokenSoft is gearing to offer the technology necessary for companies to go for an IPO through putting the shares within a blockchain network or platform. Borda also explained that TokenSoft is developing the requisite aspects required for a virtual investment bank.

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Author: Joseph Kibe

Crypto Payment Processor BitPay Adds XRP Support On Apple iOS And Android

BitPay, a crypto payment service which provides users a wallet as well as gift cards which can be bought using different coins, is now making it easy to purchase Amazon cards using XRP. BitPay has entered into an agreement with Ripple’s Xpring to offer support for XRP.

The revelations were made by Tiffany Hayden Casheer Inc co-founder through a tweet over the weekend. Tony Gallippi who is BitPay’s co-founder then retweeted the news which is seemingly a sign of confirmation.

BitPay and Xpring, the investment wing of Ripple signed an agreement in October last year. The agreement show the addition of XRP among the virtual currencies which BitPay works with. The recent development indicate that from next week, BitPay will kick off selling Gift Cards for global’s third biggest crypto-XRP. Crypto holders can use the gift cards in different retail and restaurant outlets comprising of Amazon, GameStop, Burger King, DoorDash, Home Depot and Domino’s.

This is a crucial step that Ripple has taken in its effort to promote mainstream use of the XRP crypto. Sean Rolland, director of products at BitPay, stated that scalability as well as speed of XRP makes it unique compared to others in the fray. He added that the inclusion of XRP in BitPay will help in expanding the blockchain-based solutions in the payments space. He said:

“XRP can offer a payment option that is fast, cost-effective and scalable for BitPay customers.”

Despite the positive developments, XRP’s prices remained unchanged and the crypto still lags below $0.25, U-Today reports.

Ripple has been embroiled in a legal tussle with its early investors who accuse the company of running an illegal ICO and are calling for XRP to be deemed as an unregistered security. The case is yet to be determined but David Schwartz has urged Ripple enthusiasts to remain hopeful and optimistic.

In the recent past, Ripple has come under sharp criticism from XRP holders and worshippers accusing the company of price manipulation through dumping of large amounts of XRP. However, the firm has insisted that it does not intend to control prices.

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Author: Joseph Kibe

Crypto Wallet BRD Expands Core Business, Launches Enterprise Blockchain Service ‘Blockset’

BRD, a Mobile crypto wallet services provider backed by Ripple as well as SBI Holding, has announced it is expanding to the enterprise sector and has launched Blockset blockchain that will enable developers to easily develop apps for enterprises.

In a press release, the firm explained that the new blockchain will be a data integration platform that comes with different tools that will enable coders to develop quality enterprise blockchain applications. The new product will target the banking and financial services providers and big crypto-based firms. According to the announcement, Blockset will offer tools that are ready to use that will reduce the costs of development for coders.

One of the major benefits of Blockset is that nodes can easily be hosted ‘out of the box’. This will help in the reduction of the hosting costs as well as development costs that are used by blockchains offering major chain support.

More than 20 financial institutions are already testing Blockset blockchain in what the firm termed as a private pre-release program. The program has notable names such as SBI Holdings, Ripple as well as KPMG. BRD plans to bring on board crucial channel partners as well as global system integrators in order to fast-track the adoption of the blockchain in the coming months.

BRD also stated that Blockset will be available globally starting from Jan. 17, and will focus more on the financial sector and other blockchain-based enterprises like exchanges. According to the company,

“Blockset … will fundamentally realign BRD’s business model for the high growth demands of the financial services and banking industry worldwide.”

Currently, Blockset top cryptos like Bitcoin, Ethereum, XRP, Bitcoin Cash and Hedera. Plans are underway to add more cryptocurrencies before the end of the year.

According to the firm’s CEO and co-founder, Adam Traidman, about 90 percent of the largest banks in the world are exploring crypto and it is thus clear that the demand for enterprise blockchain services is on the rise. He added,

“That is why we developed our own proprietary platform (Blockset) which banks, financial services, and large crypto companies will now be able to leverage to accelerate their time to market and deliver enterprise solutions to scale on a global basis for a fraction of the development costs.”

Update To Original Article: Headline change while adding in more information from BRD.

The BRD team reached out to us to clarify on our original headline that this is not a ‘pivot’ from their core business, just an expansion into new areas.

The BRD consumer wallet business just had its best year ever (new users) and they also had a record number of new user growth in Q4. Most importantly, they will continue to invest and hire for our consumer wallet business. It’s more expansion into a new market for BRD; the enterprise data integration space for blockchain.

In spite of what appears to be a ‘glass ceiling’ on consumer crypto growth the past 18 months, the BRD mobile apps have grown tremendously. We just wrapped up a record quarter (Q4 2019) and a record year (2019) for new user growth. We closed 2019 by crossing over the 3M users mark worldwide (73% growth to our total installed based Y-o-Y). We remain humbled by the fact that over $6 billion USD worth of crypto assets under our protection, that kind of faith in our brand is the singular inspiration behind all our endeavors.

What’s been driving the 2019 growth are the sizable enhancements we’ve made to our Android app that’s allowed us to have a much stronger presence in emerging markets in Asia and South America.

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Author: Joseph Kibe

Upbit Crypto Exchange Reopens Ethereum (ETH) Wallet Services After $49 Million Hack

Upbit, one of the major crypto exchanges in South Korea, has restarted Ethereum (ETH) wallet services almost 2 months after being attacked by hackers for $49 million ETH.

It has been officially made public that after an enhancement to its wallet security structure, Upbit is supporting deposits and withdrawals in ETH again. In a tweet from Monday, it has been indicated the services are again available. However, the traders will have to create new wallet addresses that will hold the ETH they have with the exchange, said the firm. The ETH will be automatically deposited to these new addresses.

$49 Million ETH Stolen in a Transaction

Back in November 26, 2019, Upbit said it had a transaction that it called “abnormal”, through which approximately 342,000 ETH straight from its hot wallet went missing, which was valued at about $49 million. The rest of the digital assets remaining were transferred into cold storage as a measure of precaution. While users didn’t have their funds in any way affected, nor emptied, Lee Seok-woo, Upbit’s CEO, made a statement in which he said the trading functions on the company’s platform will be temporarily suspended. After a few days, hackers did something else and split the ETH they stolen among a few wallet addresses.

Voices Saying the Funds Were Laundered

A crypto analyst said the hacking group may send small amounts through the rival exchange Huobi to test if they can launder the funds. The Upbit announcement says users should delete their addresses from before, as the wallets associated with them can no longer be used. It also stated that:

“The recovery of ETH sent to previous addresses from now could be long and costly process.”

In spite of the fact that it had lost millions, Upbit assured its users that they will receive a full refund with its corporate assets.

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Author: Oana Ularu

MetaMask’s Crypto Wallet App Back On Google Play For Android’s After Being Banned

MetaMask’s Ban from Google Play Has Been Lifted

MetaMask, one of the major Ethereum wallet services and browser extensions, has something else to celebrate besides entering the new year, as Google has lifted its browser add-on ban.

This is what MetaMask has tweeted on January 1, 2020:

MetaMask Was Mistaken for Being a Mining App by Google

A Chrome extension, MetaMask has a built-in crypto wallet that enables the running of dApps, which are Ethereum-based decentralized apps, without the operation of a full Ethereum node. Google decided a week ago to suspend the MetaMask Android client in Google Play, as Goggle has a strict policy when it comes to cryptocurrency apps that mine on mobile devices. MetaMask doesn’t do this, so Google has made a mistake regarding its activity.

Also Read: CT Boycotting YouTube to Protest Against Google’s Unexplained Crypto Censorship

MetaMask’s Appeal Rejected by Google

On December 26, MetaMask tweeted about the ban and added that Google Play rejected its appeal. It also released a new year thread in which it was thanking its users for their suggestions on alternative distributions methods for the period in which it was being blacklisted by Google. MetaMask wanted to mention the experience made its community more resilient and stronger.

Problems with the MetaMask Team?

At the end of December 2019, one of MetaMask contributors said the MetaMask team is overwhelmed and not supported by ConsensSys, its parent firm. It was also stated the project’s workflow is not decentralized, nor transparent. The code was claimed to be lacking high-quality and to have technical debt.

Daniel Finlay, a MetaMask employee, responded to these comments by saying the contributor’s tone is too “inflammatory and alarmist” for someone who isn’t a fully-fledged MetaMask team member. However, Finlay mentioned the criticism regarding the code is indeed accurate. He added how grateful MetaMask is for the support offered by Joe Lubin and ConsenSys for the project.

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Author: Oana Ularu

Coinbase To Remove DApp Browser From Its Crypto Wallet App Due To Apple Store Compliance

Coinbase is considering removing the DApp browser component from its crypto wallet application in order to continue being hosted on the Apple app store. The San Francisco based crypto exchange noted that it will implement this move for compliance purposes as per Apple’s policy.

This action by Apple is not the first against DApp browsers by the existing tech giants. Just recently, Google removed the Ethereum Metamask browser from its Android store portfolio citing that the application violates its ‘no mining’ policy. Brian Armstrong, Coinbase CEO, confirmed via a reddit post,

According to Armstrong, the situation can be salvaged by DApp users who use Apple devices. They could request the phone manufacturer to accommodate such applications in their policies as more people embrace decentralized tech and digital currencies. Developers who currently have millions worth of crypto tokens tied up for DeFi projects however face the risk of losing value if they do not find efficient alternatives to operate in.

A War Against DApps and Crypto?

The ongoing policy hurdles against DApps could be a war to protect Google and Apple’s existing market given the potential of disruption by web3.0. Metamask which was removed from Google Play wouldn’t permit mining although this was the main reason cited for its elimination. Other crypto stakeholders are also complaining of unfair treatment by Google’s subsidiaries like YouTube.

A number of digital currency influencers raised complains that YouTube had removed their content from the platform in the course of December, 2019. Omar Baham, one of the popular crypto influencers, said in a tweet,

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Author: Lujan Odera

IOTA Releases Spark, a Low-Security Burner Wallet

IOTA has released a low-security wallet to send small amounts of IOTA tokens. The wallet is intended for short-term use.

The team behind Trinity, a go-to wallet for most IOTA users is the one that developed this new wallet.

The concept of a burner wallet was first established by Austin Griffith of the Ethereum ecosystem. The idea behind this wallet is to use it for small amounts of funds. After a short period of time, you burn the wallet, wiping the seed and transaction history.

IOTA Foundation is filtering Trinity team’s experimentation under IOTA Labs and Spark is the first app released under this.

Spark is using the IOTA JavaScript account module and a payment request system for one-time use addresses. It specifies an expected amount and timeout to ensure funds do not arrive on a spent address.

“When you couple payment requests with a chat system you have a very smooth peer-to-peer transaction system.”

Meanwhile, the IOTA token is down 97% from its all-time high of $5.54. Currently, it is trading at $0.164, representing the loss of 54% on a year-to-date basis.

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Author: AnTy