ICO mobile mining app startup is under DDoS

Electroneum, a mobile mining app got under big DDoS attack
09 November 2017   3125

The British cryptocurrency startup Electroneum, an application for mining on smartphones, underwent a DDoS attack after raising $ 40 million during the ICO. This is reported by Cointelegraph.

The accounts of 140 000 participants in the ICO campaign are blocked due to a huge flow of malicious traffic from the botnet. Probably, the fact that the project was the focus of attention among hackers, there is a certain proportion of the fault of the Electroneum team.

Football manager Harry Redknapp actively promoted the startup on Twitter, although he admitted that he didn’t know how to work a computer, and never sent a text message.

Some users have already expressed dissatisfaction with the fact that security measures were not taken before the official release. Others are indignant that with the 40 million budget the problems should be solved much faster than the developers of the project do.

Nevertheless, not having achieved notable successes, Electroneum team went to bed safely, promising to return soon to the solution of the problem.

It looks like that Electroneum team got some real nice rest and they started to work with IT security professionals.

We’ve enagaged the services of a security agency that works for the US Department of Defense as well as Coinbase, Spotify, Uber, Blockchain and dozens more top tech companies. We have agreed terms with Hackerone (Hackerone.com) in San Francisco, one of the world’s top security and vulnerability testing experts. Hackerone are to carry out vulnerability and and penetration testing of our platform before launch. The indicated testing timescales are three to four weeks.

Electroneum Team

Electroneum token is on the 30th place at Coinmarketcap rate. It lost about 10% in last 24 hours.

Electroneum price chart
Electroneum price chart

At the moment of press, average ETN price is $0.044717 with $228,727,405 marketcap.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   1004

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.