Line researches cryptocurrencies for payment services

Anonymous source reports that main goal of popular Asian messager project is to create a large-scale ecosystem based on the Line messenger
10 January 2018   353

Line Corp. works on the integration of cryptocurrency into its own messenger, Bloomberg reports with reference to an anonymous source.

The platform operator is negotiating with several companies that can help him develop payment services based on the criterion, including Line Pay. The main goal of this project is to create a large-scale ecosystem based on the Line messenger, which will attract users and make them return to the company's products more often.

Line is well-known in Asia for its cute and expressive stickers that people share with each other, has been shifting its business toward advertising in recent years, beating analyst profit estimates in the latest quarter. The company has 168 million monthly active users in its main markets of Japan, Taiwan, Thailand and Indonesia. 

Capitalization of Line is 1.2 trillion yen ($ 10.6 billion). The platform is used by about 168 million people a month. The main markets for Line are Japan, Taiwan, Thailand and Indonesia. In addition to the messenger platform provides access to a variety of services, from food delivery and job search to video streaming.

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.