News Digest: May #2
TRON fixes bug that could have crashed entire blockchain from a single PC
Security is a paramount aspect of any blockchain infrastructure and should never be overlooked. TRON has quietly patched a high severity exploit, which in the report describes that “Using a single machine, an attacker could send a DDoS attack to all or 51 percent of the [Super Representative] nodes and render TRON network unusable, or make it unavailable.”
If the flaw had been exploited, smart contracts loaded with malicious code would have been deployed repeatedly, consuming all network resource through a single computer and bringing all activity to a screeching halt. Tron Foundation paid the security researcher $1,500 for the bug discovery, which was made in January but only recently disclosed.
Binance suffers hack, $40.7 million lost
Another exchange has suffered a major theft of cryptocurrency. The world’s largest cryptocurrency exchange Binance has been hit this time around, suffering the loss of 7,000 Bitcoin.
The hackers had gained access to user API keys, 2FA codes, and “potentially other information”, which allowed them to pilfer the funds, worth around $41 million. Binance has said that the hack only affected Binance’s hot wallet, which contained an estimated 2% of the exchange’s total bitcoin holdings.
A hot wallet is a cryptocurrency connected to the Internet and meant to facilitate quick withdrawals, deposits, and other transactions. This is in contrast to a cold wallet, which is stored offline and prioritises security over access.
The withdrawal “triggered internal alarms”, leading the exchange to suspend all withdrawals. Binance has used its Secure Asset Fund for Users, which consists of 10% of all trading fees absorbed by the exchange, to cover the loss. It has enabled trading again, however Binance warns that “hackers may still control certain user accounts.” It expects to resume regular activity tomorrow (Tuesday, 14thMay 2019).
Facebook Relaxes Some Blockchain Advertisement Rules
Own a blockchain business and need to run some promotions? Your day just got better – Facebook is relaxing its rules on some blockchain ads.
You can now run ads for “blockchain technology, industry news, education or events related to cryptocurrency” without the need for approval. However, you still need to gain approval for cryptocurrency and exchanges. Advertisements for ICOs or binaries are still prohibited.
The initial bans at the start of 2018 were meant to safeguard users from getting lured by false prospects and scams during the cryptocurrency boom in prior months. It relaxed the rules slightly in June 2018, allowing some ads with approval.
Facebook founder Mark Zuckerberg has warmed to blockchain in recent months. The social media network’s latest move comes amidst a slew of reports that Facebook is deepening its involvement in blockchain and working on its own stablecoin.
Price of bitcoin, other cryptocurrencies on the rise
The price of bitcoin and other cryptocurrencies have generally risen over the past week, particularly over the weekend with bitcoin having climbed to US$7,000. It remains above this level as of the time of writing.
This is far from its 2017 price peak which nearly crossed the US$20,000; its subsequent decline in the months to come was seen as a long-overdue price correction. The future of cryptocurrencies is still in question, due to ongoing regulatory debates and issues that have yet to be resolved. Most notably, Bitfinex has been accused by the New York Attorney General’s office of using Tether to conceal $850 million in alleged losses.
Source: Business Times