ICO mobile mining app startup is under DDoS

Electroneum, a mobile mining app got under big DDoS attack
09 November 2017   2512

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.

Algorand to Raise $60M in 4 Hour Tokensale

The project was founded by a MIT professor and a Turing Award winner Silvio Micali and is designed to solve the problems of scalability and consensus in the DLT
20 June 2019   773

The blockchain-project Algorand, aimed at creating an “borderless economy ”, announced the successful completion of the  ALGO tokensale, during which it raised over $ 60 million, CoinDesk reports.

The campaign was held on the CoinList platform and was conducted in the format of the so-called “Dutch auction”, in which the highest price is first announced, after which it gradually decreases.

Simultaneously with the completion of the tokensale, it was announced the launch of the main network of the Algorand. The platform processes 1000 transactions per second with a delay time of less than 5 seconds, which, as noted, puts it on par with such major payment networks as Visa and Mastercard.

In his work entitled The Monetary Experiment: Algorand A Thesis For Algo Currency Markets, the head of Arrington XRP Capital, Michael Arrington writes that Algorand is a project where macroeconomics meets cryptocurrencies. He also notes that Algorand, as a blockchain-resistant Proc-of-Stake algorithm, is distinguished by a combination of advanced cryptography and a smart economic model.

The Algorand project was founded by a professor at the Massachusetts Institute of Technology and a Turing Award winner Silvio Micali. The main task of Algorand is to solve the problems of scalability and consensus in the blockchain.

As noted, the exact number of buyers who participated in the auction remains unknown, but because of high demand, the campaign lasted less than four hours. In total, 25 million ALGO tokens were distributed with a starting price of $ 10 and a closing price of $ 2.40.

Representatives of the project also stated that since tokens are distributed to customers' wallets and are not available on stock exchanges, there is no need to talk about any value of Algorand market capitalization.

Algos are being dispersed to wallet right now (for successful bids).  Therefore – there are non on exchanges. [Therefore, no market capitalization is available for Algorand, though some have speculated it sits around $6 billion.] Which is still a top 10.

Algorand Team

Earlier, the project announced plans to auction 600 million ALGO tokens per year, and in the first five years it is planned to release 10 billion tokens.

Also note that over the last year, Algorand raised $ 66 million in venture capital from investors such as Union Square Ventures and Pillar Venture Capital.