USDC Stablecoin to Pass the Audit

Grant Thornton LLP reports that as of October 31, $ 127,412,240.89 were in the Circle vaults
22 November 2018   1186

USD Coin (USDC) from Bitcoin startup Circle is fully provided with a fiat dollar, reports CoinDesk.

The financial review was conducted by Grant Thornton LLP, a US subsidiary of the international organization Grant Thornton International. The latter provides audit, tax and consulting services to private and public companies in 130 countries.

As of October 31, $ 127,412,240.89 were in the Circle vaults. This exceeds the number of tokens in circulation at that time (127,408,827 USDC). Thus, if necessary, the company was able at the end of last month to simultaneously redeem all the tokens released to the market.

According to Grant Thornton, Circle’s financial audit was conducted in accordance with the certification standards set by the American Institute of Certified Public Accountants (AICPA).

Currently, according to CoinMarketCap, there are 162.9 million USDC tokens in circulation.

Earlier, auditors' reports were published by Gemini and Paxos, which are Circle's competitors in this segment of the cryptocurrency market.

In early November, Tether Ltd confirmed its solvency, which still produces the most popular stablecoin USDT. However, two weeks later, information appeared that the US Department of Justice was investigating possible manipulations by Tether and Bitfinex during the 2017 price rally.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   1039

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.