Electroneum to Undergo a Soft Fork

The Electroneum reported on the necessety of a hard fork, as its codebase includes code inherited from Monero which may break the entire network at block 202612
05 February 2018   1153

Electroneum is a cryptocurrency which is giving access to over 100m smartphone users via mobile operators, aims for 10s or even 100s of millions of users and has a defined route to market.

As it was stated in the GitHub of Electroneum, the measures to hardcode a hash for block 202612 (after the Monero network was attacked on September 4, 2014) were carelessly left in the Electroneum codebase.

It was stated that if this code is not removed by the time block 202612 is mined, the entire network will break.

The code should reportedly be removed to keep the network functioning once this block is mined, that is why Electroneum is implementing the soft fork.

Electroneum codebaseElectroneum codebase screenshot

Basically it means that when block 202612 is mined the entire network can break down, and all clients will think that the hash of block 202612 is incorrect, refusing to accept it and any subsequent blocks. If the Electroneum network does not soft fork to fix the above mentioned problem, it will be taken out by it.

At the moment of press, these are main market parameters of Electroneum:

Average price: $0,055886
Marketcap: $337 212 348
24h volume: $2 634 650

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.