British Travel Company Partnered with Revolut

Thomas Cook travel company will launch Revolut's Pay-per-Day emergency medical insurance service
17 January 2018   625

Thomas Cook, a British global travel company, has partnered with fintech firm Revolut to launch a “pay-per-day” travel insurance service which automatically provides users with medical cover by tracking their location through their mobile phones. This is reported by The New York Times.

Revolut, the digital bank start-up, said it could pinpoint customers' location through its app technology and automatically turn on the coverage when required, starting at less than $1.38 a day.

We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered.

 

Nikolay Storonsky

CEO, Revolut

Revolut, founded in July 2015, allows customers to exchange currencies at rates used by banks and pay by card in different countries without international fees. In December 2017, it launched cryptocurrency trading.

Thomas Cook Money, the new financial arm of Thomas Cook, wil also partner Revolut to underwrite the insurance policies.

Bitcoin Gold hit by Malicious Miner`s Double Spend Attack

An evil-minded miner efficiently made a double spend attack on the Bitcoin Gold network, making BTG at least the third altcoin to succumb to a network attack
23 May 2018   123

Edward Iskra, Bitcoin Gold director of communications first admonished clients about the attack on May 18, reporting that an evil-minded miner was using the exploit to steal means from cryptocurrency exchanges.The miner bought at least 51 percent of the network’s total hashpower, which provided them with temporary control of the blockchain. Gaining this much hashpower is extremely expensive — even on a smaller network like bitcoin gold — but it may be monetized in tandem with a double spend attack.

The attacker, after getting the control of the network, started depositing BTG at crypto  exchanges while also intending to send those same coins to a wallet under their control. Generally, the blockchain would resolve this by including only the first transaction in the block, but the attacker managed to reverse transactions as they had majority control of the network.

As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction. This way they could send the coins they had primarily deposited to another wallet. 

An address of bitcoin gold connected with the attack has got more than 388,200 BTG since May 16 (basically from transactions it sent to itself). All of those transactions were associated with the double spend exploit, the attacker could have stolen as much as $18.6 million worth of funds from exchanges. The last transaction was sent on May 18, but the attacker could resume it if they still have access to enough hashpower to reach the control of the blockchain.

Bitcoin gold’s developers recommended exchanges to resist the attack by reaching the number of confirmations acquired before they lended deposits to client accounts. Blockchain data displays that the attacker reversed transactions as far back as 22 blocks, allowing developers to advise raising confirmation requirements to 50 blocks.