SBI Ripple Asia to Use Blockchain for Securities

SBI Ripple Asia is creating a consortium that will study the use of blockchain technology in securities products
30 January 2018   463

SBI Ripple Asia, a joint venture between Japanese investment firm SBI and San Francisco-based DLT payment startup Ripple, announced on Tuesday that it is forming a consortium that will research the use of distributed ledger technology in securities products.

The company said the new consortium will improve efficiency for customers and reduce operational cost through the partnership of 18 securities firms to research and commercialize applications of emerging technologies, particularly blockchain technology.

Companies that will be part of the initiative include SBI Securities, Daiwa Securities and Nomura Securities. SBI Ripple Asia also said that the consortium will form a DLT Advanced Experiment Working Group to further its blockchain research.

We have recently reported that SBI Ripple Asia announced a successful pilot last March with 47 banks that used Ripple's technology for interbank transactions.

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As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction.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.