$6.5M to be Stolen From Fusion Network's Wallet

CEO Dj Qian susptects insider, who had access to the private keys of affected wallet

30 September 2019 676

The price of the Fusion token (FSN) has more than doubled since the developers of the financial blockchain platform Fusion Network announced that they had hacked their wallet. This is written by Decrypt.

According to a statement published on the night of Sunday by project representatives in the official group in Telegram, as a result of breaking into the wallet for exchanging FSN tokens in ERC-20 format for tokens of the project’s own network, a total of 10 million FSN coins of the main Fusion network and 3.5 million were stolen Ethereum-based FSN tokens.

According to CoinMarketCap, this is about 38% of the current cryptocurrency offer. The amount of stolen funds at the time of the hack was estimated at about $ 6.4 million.

After it was stole, we found the [thief] kept moving those stolen FSN in order to wash the address holding FSN, and sent part of the them to exchanges to sell.

DJ Qian

CEO, Fusion Foundation

According to him, the tokens remaining in the wallet were transferred to a safe cold storage, and the project representatives also contacted a number of large exchanges, where the stolen tokens allegedly went, including OKEx, Huobi and Bitmax.

DJ Qian also suggested that an attacker could be a person who had access to the private keys of a hacked wallet, noting that the evidence is enough to file a corresponding statement with the police.

Fusion Network is declared as a financial blockchain platform, offering users the ability to quickly and easily exchange cryptocurrency assets and create financial applications.

ICO Blockchain

RenrenBit to Report on $600k Net Income in 2019

RenrenBit, founded by Binance investor, is a broker between crypto lenders and borrowers and takes 15% of the profit on each loan

20 January 2020 73

RenrenBit, a China-based p2p cryptocurrency lending platform, reported financial results for 2019, including $ 600,000 in net income with $ 2.3 million in profit. It is reported by CoinDesk.

The company was founded in November 2018 by Chinese businessman Zhao Dong, also known as one of the investors in the Bitfinex and Binance cryptocurrency exchanges.

The RenrenBit financial performance report, which has not yet been audited, was published on Monday, January 20, and is part of the company's financial disclosure obligation, which was adopted after the end of the token sale in 2019, following which it raised $ 21 million.

According to the RenrenBit balance sheet, as of December 31, 2019, there were about $ 168 million of client funds in its wallets, which is about 70% of all the company's obligations.

Despite the fact that these figures may not seem the largest, the publication notes that the quarterly growth rate of the company as a whole was consistent with the general positive mood in the cryptocurrency market last year.

So, in the fourth quarter, RenrenBit profit amounted to $ 1.4 million, which was almost four times more than in the first quarter. Revenues for the same period amounted to more than $ 640,000, while in the first three months of the year the company suffered losses of $ 175,000.

RenrenBit acts as a broker between cryptocurrency lenders and borrowers who want to get a loan in Chinese yuan or cryptocurrencies secured by other digital currencies, and takes 15% of the profit on each loan for its services. Also, the company, with a staff of 35 people, offers loans from equity. As of December 31, 2019, the total amount of such open loans was about $ 64 million.