Syndicate upgrades to mitigate exploit

After the revelation of an exploit to speed up masternodes and Proof-of-Stake rewards, Syndicate announced its swap to a new blockchain on May 8
30 April 2018   901

Recently Syndicate discovered a 3rd party exploiting the rewards for masternodes and Proof-of-Stake. The project decided to stop its activity on all the exchanges and upgrade the operating blockchain. The transition is to happen on May 8.

The upgrade will concern the Proof-of-Stake - v3.0 is going to be launched. The rate of the swap is set at 1:1. Users may keep their masternode or wallets open to receive rewards. The startup will release the updated guides to set up trustless Proof-of-Stake transactions and masternodes.

Regarding the exchanges, Cryptopia will not support the swap, but will provide the chance to list anew for a reduced fee. SYNX funds should be withdrawn from Cryptopia until the swap date. On the other hand, Bittrex will support the swap with only one limitation: wallets might not be open for transfers until May 8.

More on the announcement can be found here. And as for the market parameters for Syndicate at the moment of publication, they are as follows:

  • Average price: $0.579007
  • Market cap: $11,308,962
  • Volume (24H): $186,192


SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.