OKEx to Release Own Token

Exchange reported that the launch of the token does not imply an ICO
26 January 2018   852

The new token, released by OKEx, called OKB and was originally based on the ERC-20 standard.

As the exchange's message says, at the moment a significant part of the information regarding OKB is still confidential, and additional details will be disclosed soon.

Nevertheless, the exchange already declares that the launch of the token does not imply an ICO. In addition, in the future, OKB will be transferred to its own OKChain exchange. OKB will become a key part of the architecture and development of the exchange, while it will be accepted not only on OKEx, but also in other projects of the company.

In total, it is planned to issue 1 billion OKB tokens, 50% of which will be distributed free of charge to OKEx users, which will allow them to take a more active part in the further development of the exchange.

In addition, as the exchange explains, 20% of tokens (200 million) will be reserved for developers. During the first year they will not be available for withdrawal, after which they will be issued at a rate of 20 million per year.

Another 10% (100 million) of tokens will be sold to the world financial institutions at a price of 1ETH = 2000 OKB. 50% of them will be "locked" for the first six months. Another 10% will be transferred to early investors with a grace period of 2 years and the operational activities of OK Blockchain (3 years), respectively.

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.