Japanese Messaging App to Launch Crypto Exchange

In more than two weeks since the leak of the information about Line Corporation launching its cryptocurrency exchange, the company made a public announcement confirming the rumors
31 January 2018   443

On January 10 we have reported that according to the anonymous source of Bloomberg, the Line Corp. was working on the integration of cryptocurrency into its own messenger.

On January 31, Line Corporation officially announced that it had established a new company, Line Financial Corporation as a follow-up to Line Pay, which is a mobile money transfer and payment service available on the Line messaging app, in order to reinforce its position in the financial business domain.

Line Corporation has claimed that it would use the new company as a base preparing to provide different financial services, including a place to exchange and transact digital currencies, loans, and insurance making it all possible through the Line application.

In addition to the high-level of security that Line has cultivated for use in its day-to-day messages, the company aims to actively promote research and development of technologies such as blockchain and provide a financial service that is convenient and safe to users. Line is actively engaging in hiring persons who are experts in these technologies and in finance.

Line Financial Corporation Overview

As it was stated in the official announcement of the company, the application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency, and it is currently being revieved.

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   122

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.