$20 Billion in Coinbase Assets held in Imtoken Wallet

The founder of Imtoken, major Chinese Ethereum wallet provider Ben He claimed that $35 billion worth of crypto assets are currently stored in Imtoken wallets
05 June 2018   2169

Imtoken also declared that it has gained $10 million USD from IDG Capital, and is soon going to integrate support for BTC. Imtoken displayed that it has increased $10 million USD from IDG Capital via its Series A funding round. The firm that affirms to be the world’s largest Ethereum wallet, will now be concerned on splaying in the Asian and United States cryptocurrency markets.

Ben He, Imtoken’s founder, pointed out the firms’s intendance to enter the Southeast Asian markets before looking toward major regional players such as Korea, Japan, and India - stating that declared jurisdictions’ “regulations are maturing quickly.” Imtoken will look toward major African markets, such as Nigeria, after Asian market.

We didn’t have any marketing or promotional budget. We noticed very early the potential of Ethereum and focused on it to differentiate against competitors.
Ben He
Founder, CEO, Imtoken

Imtoken presented that much of the newly raised capital will be put toward developing new features, including support of BTC, EOS, and a row of another altcoins.

Imtoken has developed its product into one of the top crypto asset wallets in the world with such a sound reputation. We believe it will become a significant infrastructure for the tokenization manifesto, benefitting both the crypto economy and blockchain technology. We’re excited to back Imtoken.
Young Guo
Capital Partner, IDG

The company’s app has grown to store since 2016, more than $35 billion worth of cryptocurrency assets, including “More than $20 billion” worth of Coinbase’s customers funds, as reported by a Coinbase spokesperson. Since January, Imtoken users are expected to have accounted for approximately 10% of daily activity taking place on the Ethereum blockchain.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   964

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.