Kyber Network Partners with ICON

Kyber Network will connect its token conversion services to ICON’s inter-blockchain network
19 January 2018   933

ICON, an interconnecting blockchain network, announced on January 19 that it has partnered with KyberNetwork, a decentralized exchange and payment service, to help employ scalable protocol of KyberNetwork’s token exchange services and interconnect with other blockchains participating in the ICON network.

According to the announcement, Kyber Network’s role in the partnership is to connect its token conversion services to ICON’s inter-blockchain network. KyberNetwork will promote liquidity of crypto-assets in the blockchain ecosystem, and improve the perception of tokens as a tradable asset class to the greater public.

The token exchange system is a key component of inter blockchain ecosystem. Our partnership with KyberNetwork brings us one step closer to interchain token exchange. Down the road, we hope to connect and support additional blockchains and tokens, eventually taking the place of today’s centralized exchange regime.

 

J.H. Kim

Foundation Council, ICON

At the moment of press, these are the main market parameters of ICX and KNC:

ICON (ICX)

  • Average Price: $8,24
  • Market Cap: $3 130 822 144
  • 24h Volume: $91 504 000

Kyber Network (KNC)

  • Average price: $3,56  
  • Marketcap: $476 940 996
  • 24h volume: $35 824 400

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.