Rumors circulate about Telegram launching its own cryptocurrency

Unconfirmed info about Telegram's Blockchain platform surfaced today on Facebook
22 December 2017   1212

The popular messenger Telegram will release their own cryptocurrency, according to unconfirmed sources from Facebook. Anton Rozenberg, former employee of Telegram's publishing division Telegraph, posted a video on his Facebook page detailing the upcoming “Telegram Open Network” (TON). He hasn't disclosed the source, but the video itself is quite interesting. According to it, Telegram will utilize the blockchain network to create a cryptocurrency of their own.

Besides, Pavel Durov himself, the creator of Telegram, said in his earlier interview to Bloomberg, that his messenger is a charity for people who live under oppressive governments and that he plans to monetize it only in 2018, and even then just enough to finance the expansion, no selling out. The important bit being about plans for 2018. So, it's quite possible, in hindsight, that he was referring to TON.

The described technology will allow for fast transactions because of multi-blockchain implementation and dynamic scaling by splitting the chains in real time. Also the clients wouldn't have to download and run heavy blockchain apps, only a light wallet, which will probably be embedded into the messenger itself.

That is, actually, a big bonus for TON, because right now Telegram boasts more than 180 million users, so their virtual currency wouldn't have to go through a lengthy adoption stage – just signing up all current users will get a wider coverage, than any other emerging crypto.

Telegram's rising popularity among crypto enthusiasts can be contributed to its end-to-end “hack-proof” encryption, servers location being a secret and, on top of that, multiple refusals by Pavel Durov to release users' personal information to any government agency in the world, regardless of lawsuits and even being declared a terrorist by Iran court in absentia.

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   124

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.