Beam Wallet Vulnerability Found

Cryptocurrency itself was launched only a week ago
10 January 2019   437

The developers of the private cryptocurrency Beam based on the MimbleWimble protocol have discovered a critical vulnerability in the Beam Wallet wallet, affecting both the desktop version and the CLI implementation.

The project team urged users NOT to delete the wallet database, because the vulnerability does not affect private keys or passwords.

At the same time, the developers offered users five simple steps.

  1. Stop your currently running Beam Wallets immediately.
  2. Uninstall or delete your Beam Wallet application and executables from all machines. DO NOT DELETE THE DATABASE or any other wallet data
  3. Make sure the application was deleted. Check the documentation for the location of Wallet app files
  4. Download Beam Wallet again from the website only. It will have THE SAME version numbers as previously published archives. Make sure the SHA256 of the archive matches with the one published on the website.
  5. Install the new application

Beam was launch a week ago, in a day of Bitcoin genesis block 10th anniversary  

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.