Sirin Labs outsources Finney production to Foxconn

Sirin Labs partners with Foxconn to manufacture their blockchain-powered smartphone Finne
05 April 2018   336

Blockchain-connected devices has long been the topic of the talks among enthusiasts of the technology. And Sirin Labs has made big headlines with their first announcements of a whole ecosystem of IOTA's Tangle-connected devices. And now they make next step towards realization of their lofty goal.

Sirin Labs announced their partnership with FIH Mobile LTD, a subsidiary of world's largest contract electronics manufacturer Foxconn, to produce first of their lineup of blockchain-powered devices. Finney smartphone, named after famous cryptographer Hal Finney, is a result of a hugely successful ICO campaign, which gathered $157,8 million in December 2017.

one of the main selling points of the Finney is native support for blockchain applications, such as cryptocurrency wallets and ability to automatically convert tokens for use in multiple different decentralized apps without the hassle of going through an exchange.

According to the company, the specs will be adequate with 256GB of internal memory, 16-megapixel rear camera, but processor and RAM amount are for now undisclosed. Among security features Finney will, apparently, have some kind of physical security switch and a behavioral-based intrusion detection, whatever than means.

The device will be sold for quite a hefty sum of $999, but it seems the price wouldn't matter a lot to the true enthusiasts, because Sirin Labs claims that already more than 25,000 units were preordered.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.