Sirin Labs Users informed about the Hack of SRN Holder

The producer of a mobile phone with military-grade security, Sirin Labs has claimed on its Telegram channel that a major SRN token holder was hacked
14 June 2018   168

SRN is a token which raised ‎$157.8 million and has become the fourth largest ever at that time. Currently, according to coinmarketcap.com, SRN has a market capitalisation of $44.2 million. 

Sirin Labs is a blockchain firm that deployed a mobile phone with military-level security called Solarin. The phone retails at $14,000 in the US. The appliance is unique as it features a switch that  encrypts all communications, and it comes with a concierge service which monitors the state of the device.

We look at the newest and the most advanced technology and incorporate [it] into a new phone. That costs a lot of money.
Tal Cohen
Chief Executive, Sirin Labs

Announced in February 2018, The FINNEY line of devices will be launched on the Sirin operating system and come pre-integrated with the cryptocurrency of Cardano, ADA. They are processed by the Tangle, that is the network of a company called IOTA. The devices were developed in the collaboration with a Japanese company Emurgo. 

Sirin Labs informed its subscribers in their Telegram channel:
A large SRN token holder just informed us that his wallet was hacked, which might explain the issues surrounding the token. Please ensure you’re taking all necessary precautions to protect your wallets.
Sirin Labs
in Telegram

Above 40 percent of SRN tokens are concentrated on a Las Vegas-based cryptocurrency exchange - Bittrex, according to Cryptovest. As reported, the hack has so far not been not been widely considered as yet.

Korea to Hasten Crypto Regulation After Bithumb Hack

As reported, recent Bithumb hack will fasten the process of implementing the country’s first crypto regulatory framework
20 June 2018   84

South Korean authorities have previously announced that they will regulate the exchange of cryptocurrency on a par with banks and tighten the requirements for them. Today's hack of the Bithumb exchange will speed up the process of developing the first fully-fledged legal framework for cryptocurrencies regulating in the country, CCN reports.

On June 11, after several months of discussions, the South Korean government and local financial regulators, including the Financial Intelligence Service, came to the conclusion that it was necessary to properly regulate the crypto-currency market with an eye to protecting investors and preventing large-scale hacker attacks.

Under current regulations, there are clear limitations in preventing money laundering on crypto exchanges because the only way authorities can spot suspicious transactions is through banks. If the bill of lawmaker Jae Yoon-kyung from the Democratic Party of Korea passes, local authorities will be able to impose identical regulations on crypto exchanges that are implemented on commercial banks.
 

Spokesperson from the Korea Financial Intelligence Unit 

 Despite the absurdity of the situation, at present, the crypto exchanges in South Korea is regulated as providers of communication services. In other words, to start the exchange it's enough to have about $ 30. Since exchanges of digital currencies have this status, government agencies and financial regulators do not directly supervise their activities.

On June 18, for the first time in history, local authorities acknowledged that the South Korean government was slow to implement rules to regulate the scope of the cryptocurrency, because it feared that investors would perceive this as a permissive signal for investing in digital assets and a sign of their legitimacy.

An increasing number of officials begin to share the view of a member of the National Assembly Committee Park Yong-kin, who said in late 2017 that the government cannot simply leave cryptocurrency exchanges unregulated because it only worsens the cryptocurrency sector.

We are frustrated as well. We fully understand that the government is reluctant towards regulating the cryptocurrency market because it will inevitably lead investors to consider it as the government’s way of legitimizing the market. But, if the government leaves the cryptocurrency market unregulated, it is simply leaving it vulnerable to variou issues.
 

Park Yong-kin

Member, National Assembly Committee

Local analysts say that officials already planned to speed up the development of measures for control in the cryptocurrency sector after hacking of CoinRail exchange, and the attack on Bithumb, which neither investors nor authorities were ready, will force lawmakers and regulators to present legal acts that will put the crypto exchange on one step with the banks, in even shorter terms.

Once the law is passed, the exchange need to work with local financial authorities and comply with safety standards if they want to continue to operate in South Korea. It is expected that the intervention of the Financial Intelligence Service and the Financial Services Commission will lead to significant improvements in the data processing, security and infrastructure of such sites.