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Komodo Hacks Itself and Saves Crypto Worth $13M After Learning of Security Vulnerability

Funds worth an estimated $13 million were successfully shielded from attackers after Komodo reacted to a security vulnerability.

Crypto wallet provider Komodo effectively hacked itself to prevent fraudsters from accessing its users’ funds, the company confirmed in a blog post on June 5.

Security researchers had alerted the company to a vulnerability in its Agama wallet. Realizing that hackers could strike any moment, Komodo’s cybersecurity team decided to use the same exploit to move compromised crypto to safety.

Explaining to users what happened, Komodo said:

“We were able to sweep around 8 million KMD and 96 BTC from these vulnerable wallets, which otherwise would have been easy pickings for the attacker.”

Komodo’s actions mean that, at current market rates, funds worth $13 million were successfully shielded from a hack.

The crypto is now being held in two safe wallets, and owners are now being invited to reclaim their assets if their accounts have been swept. Those who may still have crypto in an Agama wallet are being urged to move all their funds to a new address as soon as possible.

Further details about the vulnerability are going to be published once Komodo has ensured that all funds have been secured.

Hacks are a continued threat in the crypto world. At the end of May, it emerged that the now-defunct New Zealand exchange Cryptopia owes $4.22 million to creditors after suffering an attack in mid-January.

Weeks earlier, hackers used phishing and viruses to withdraw 7,000 bitcoin (BTC) from compromised Binance hot wallets in a premeditated attack that went undetected by the exchange’s security systems.

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BTC Node On a Smartphone? – Easy, Says HTC, Speaking of Its New EXODUS Phone

HTC phone producing company gets ahead of its competitor Sirin Labs and promises that next EXODUS phone model will operate as a full BTC node

On Saturday, the Taiwan-based producer of mobile phones announced its
plans to bring a full BTC node to each of its new model EXODUS phones.

HTC is making its DLT phones
available to wider masses

While doing a speech at the Magical Crypto event in NYC on May 11, Phil
Chen from HTC told the audience about the new cheap version of its DLT smartphonw
dubbed EXODUS 1s. Chen stated that the new model will work as a full Bitcoin
node, allowing its owners to store the whole data of the BTC network on their
smartphones.

As reported by CoinDesk, HTC plans to bring the new model to the market by the start of Q4 this year. The intended price for the new phone in retail outlets will range between $250 and $300.

The new model will be based on the current EXODUS 1 which began selling earlier
this year. The company started a presale of its DLT phone in October 2018,
taking only BTC and ETH as payment.

In late February 2019, the phone began to sell not only for crypto but also for USD.

A BTC node in your pocket

The boldest and most curious promise regarding the new phone by HTC is
that it is going to act as a full-scale node for the Bitcoin network. Phil Chen
said that the company sees this function as a very important one on the market
in the future and crucial for the BTC network.

Computer chips, as well as memory chips are getting more powerful and
cheaper very quickly, so operating a BTC node on a portable device, such as a
phone, will not be a problem, as per Chen.

This way, users will be able to verify BTC transactions themselves and
actually take part in the work of the ecosystem.

Rival blockchain phones

As it was reported in April, a competitor of HTC’s EXODUS phone, the Swiss company Sirin Labs had to lay off a quarter of its staff – 15 employees out of 60. The reason for that were poor sales of its blockchain phone Finney, which allows users to store crypto in an embedded cold wallet.

The Finney phone’s retail price was around $1,000 as opposed to EXODUS, which is selling for approximately $700.

Title Image Courtesy of Malte Wingen On Unsplash

The post BTC Node On a Smartphone? – Easy, Says HTC, Speaking of Its New EXODUS Phone appeared first on Ethereum World News.

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Cashshuffle Protocol Released, Ensuring More Privacy to BCH Users

A short while ago, the
Cashshuffle privacy-oriented platform was released on the Electron Cash wallet
version 4.0. Later on, the protocol will be implemented on the Bitcoin.com
wallet as well

On Wednesday, the Cashshuffle team launched its privacy-protecting tool. From now on, BCH users will enjoy more privacy when paying with their favourite coin.

Cashshuffle added to the new EC
4.0 version

The Electron Cash (EC) wallet with the new privacy protocol is available for all platforms (Windows, Linux and Mac) and also iOS along with Android.

The audit of the new plugin was conducted by the Kudelski Security company. The firm’s experts made a thorough study of all aspects of Cashshuffle’s work and the way it can be combined with crypto wallets and blockchain systems.

The team of researches stated that the shuffle plugin contains no malicious intent, has no deliberate or accidental flaws or potential backdoors.

The Cashshuffle plugin is disabled by default, so users will have to activate it manually.

How the shuffling works

Users can download the new EC wallet version with the security plugin embedded on the wallet’s official website. The site will give you directions on setting up a new wallet or importing one. As was said above, the Cashshuffle plugin has to be enabled manually.

When you top your wallet with some BCH coins, the Cashshuffle protocol
will launch – five players will shuffle the coins gradually, so you will just
have to wait.

After the shuffling feature is activated, the settings of the wallet will change allowing you to spend
only shuffled UTXOs (unspent transaction outputs). If you want to transfer unshuffled tokens too, you have to switch the setting off.

Basically, what the plugin does is randomly shuffles transactions of several users on their way to recipients’ addresses. A feature similar to how Monero (XMR) works.

After the process begins, the plugin will notify you at which point you currently are and how much shuffling has been done already.

Waiting for the necessary five people for the shuffling to start may take a while though, up to several hours. It will depend on the number of players who wish to do shuffling at the moment.

The community response

Bitcoin Cash holders took the news very positively and showed their excitement in social networks. Besides, now that the Cashshuffle feature has been added to the EC wallet, the company promises to do the same for Bitcoin.com and Badger light clients soon.

The post Cashshuffle Protocol Released, Ensuring More Privacy to BCH Users appeared first on Ethereum World News.

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Blockchain Project’s Big Ideas Include Bike That Can Mine Crypto as You Cycle

An open source and decentralized blockchain says it is reducing barriers to entry for newcomers so “everyone can enjoy the benefits and security of crypto.”

A blockchain-based platform says it is the first that puts all users and ecosystem participants on an equal level, and has set out its vision for how its platform will develop in the coming months and years.

Transcendence describes its blockchain as open source and decentralized, and says it offers full compatibility with existing systems such as AmiCloud, an internet-based file storage and file sharing facility, and the indieGO app store.

The company says it wants its platform to offer an open marketplace for developers and artists, giving content creators a way to interact through a decentralized messaging service that provides an option for private communication.

Wallets for Telos Coin, Transcendence’s native cryptocurrency, are being made available through eight operating systems. As well as Windows, iOS, Mac, Android and Linux, support is being offered for those who use AmigaOS, AROS and morphOS.

Through the online web wallet for Telos, the company says that users no longer need to store their private keys or use an offline wallet – adding that transactions can be completed quickly and easily. Further, users have the opportunity to receive payments for the services they offer, with merchants able to integrate the TelosPay system into their website if they so wish.

“Fully fledged infrastructure”

In a video explaining its offering to consumers, Transcendence said its Telos Coin is based on a fork of PIVX technology. The clip adds: “Low energy consumption in comparison to other Proof of Work coins means Telos Coin offers an extremely low cost entry point, which means there is a significantly reduced barrier to entry for users. Everyone can now enjoy the benefits and security of blockchain technology and cryptocurrency.”

The project says that its infrastructure is fully fledged and based on a “decentralized and democratic peer-to-peer model.” Transcendence believes that, in practice, this means that no single entity has the capability of causing its network to stop working – and resultantly, this means funds remain safe and secure at all times.

One of the main services offered by the project is a dashboard where users can send and receive coins, check their balance, and monitor current exchange rates for Telos in one place. The team behind Transcendence says that creating a well-designed and user-friendly dashboard has been a priority.

The next phases

In its white paper, Transcendence has also set out a series of projects where users will be able to use Telos Coin as payment. Among them is ProfitCycle, a concept which enables crypto enthusiasts to earn the currency as they ride their bike in everyday life. An app serves as a wallet, navigation system and community hub – directing the user to places where they can spend their crypto. Power banks are used to power the technology behind the ProfitCycle, and also enable the cyclist to keep their cell phone charged while they are on the move. When the product launches, customers will have the option of purchasing a kit to adapt their existing bike, or buy a completely new one that is furnished with the technology.

Meanwhile, CryptoMages is a trading card game which is set to launch on the Transcendence blockchain. As well as monthly online contests and a global ranking system, the project has plans to release physical decks for the cards which players could use to store Telos Coin in the real world.

Transcendence is the brainchild of Pascal Papara, and Telos Coin has already been listed on five exchanges – including Graviex, SouthXchange and BiteBTC.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Opera Adds Built-in Crypto Wallet to Mobile Browser

As the battle of the browsers wages on, platforms seek new ways to entice users onto their software. Norwegian browser provider Opera has jumped onto the crypto bandwagon by offering a browser based crypto wallet for smartphones.

Cryptocurerncy wallets are nothing new however this is the first of its kind to come built-in from a web browser provider. According to reports the new ‘Crypto Wallet’ is still in beta and will be made available for Opera’s Android browser. Being integrated into the browser enhances user friendliness as switching between browsing and crypto trading is simplified.

The company has released a short video explaining how to use the new wallet;

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According to Charles Hamel, product lead on Opera Crypto;

“Having a Crypto Wallet in the browser brings the cash experience to the world of online payments. Paying with the Crypto Wallet is like sending digital cash straight from your phone, and we’ve just made it easier.” He added “Our hope is that this will accelerate the transition of cryptocurrencies from speculation and investment to being used for actual payments and transactions in our users’ daily lives,”

The wallet has a simple user interface that does not use PIN numbers or passwords to authorize transactions. Instead it uses the device’s unlock screen code such as a fingerprint. With Ethereum Web3 API integration the system can support dApps, tokens and crypto collectibles. It includes a shortcut to a select number of dApps and games based on Ethereum in addition to a range of crypto merchandise.

Opera has hinged the success of this product on the complexity of using other crypto wallets, its ease of use will be the draw. Hamel added that “This opens up new possibilities for merchants and content creators alike,” The new wallet is integrated with Coinbase which enables users to pay for items and services in stores that support cryptocurrencies. Sending and receiving is as easy as generating a QR code and it forges a way to make crypto easier to deal with for the uninitiated.

Opera has previously dabbled in crypto this year. In March the firm updated the browser’s currency converter to include Bitcoin, Ethereum, Bitcoin Cash and Litecoin, and in January it upgraded software to include anti-mining malware protection for Opera mini and Opera Android.

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