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The Fusion Protocol Loses $6M Worth of Tokens in a Hack Attack

M. Ali

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A computer hacker compromised The Fusion Protocol‘s main swap wallet and stole 10 million native FSN and 3.5 million ERC20 FSN token. The lost tokens worth $6.4 million at the time of the hack.

According to Fusion’s blog post, the attacker was able to obtain the private keys of Fusion’s swap wallet 0x8e6bDa71f3f0F49dDD29969De79aFCFac4457379 and then he/she transferred the tokens to another wallet 0xd58868ebF4900B8c444D42D2E3ffe21cB8f0E655.

The attacker attempted to send some of the stolen funds to different cryptocurrency exchanges, and some of the stolen tokens were sold across exchanges, in particular Bitmax and Hotbit.

The attacker’s wallet

After the attack, FSN token price dropped significantly and lost around 50% of its value. The price dropped from $0.45 to below $0.22 in few hours.

Fusion Protocol (FSN) Price Chart

Cryptocurrency exchanges OKEx, Huobi, Citex, Bitmax, and Hotbit have since suspended deposits and withdrawals of FSN tokens.

The Foundation deeply regrets this incident and its impact on the path of Fusion’s innovation. While private key theft is an industry-wide risk and occurrence, we clearly must strengthen the protection around our private keys.

From fusion’s post

What is Fusion Protocol (FSN)?

Fusion is an ERC-20 token based on the Ethereum blockchain. Fusion (FSN) bills itself as an all-inclusive blockchain-based financial platform that offers cross-chain, cross-organization, and cross-data source services through smart contracts. The project uses the Hierarchical Hybrid Consensus Mechanism (HHCM), which amalgamates elements from PoW, PoS, and parallel computing with the goal of creating an efficient and “safe platform“.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

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Steemit Launches Smart Media Tokens on a Testnet

Sying Tien

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Steemit Launches Smart Media Tokens on a Testnet

Steemit, the blockchain based blogging and social media platform where everyone gets paid for creating content, has released a new token-launching protocol, Smart Media Tokens (SMTs), on a testnet.

Users can use the newly launched token “Smart Media Tokens” to create a new cryptocurrency with 3-second fee-less transfers, without having to write a single line of code. SMTs will allow any publisher, creator, or entrepreneur to launch their own custom token on the Steem blockchain, which will help them monetize their digital content and reward consumers who engage with their content through likes, votes, views, shares, and comments.

A screenshot of Smart Media Tokens website

SMTs have been live on testnet now for over 40 days, making this hardfork already the most tested hardfork in Steem’s history.

According to Steemit’s announcement, entrepreneurs using SMTs will benefit from the state-of-the-art properties that come from being powered by the Steem blockchain, including three-second block times, zero fees, and its ‘Proof-of-Brain’ algorithm, which autonomously distributes tokens to the most valuable members of a community. And because Steem was designed from the ground up to power web applications, SMTs will integrate easily into any established website, app, or platform, making it simple for mainstream creators and entrepreneurs to access the fastest-growing industry in fintech and immediately begin generating revenue at virtually no cost.


What is Steemit?

Steemit is a blockchain based blogging and social media platform such as Redit, it offers rewards to its users in STEEM coins cryptocurrency for publishing and creating content. Steemit users can also earn STEEM coins for commenting and upvoting other posts.

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Binance Adds Margin Trading for Tezos (XTZ)

June G. Bauer

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Tezos-Binance

Binance, the world’s largest cryptocurrency exchange has added Tezos (XTZ) margin trading to its platform. The new margin trading pairs include XTZ/BTC, XTZ/USDT.

Margin trading is a high risk trading strategy that allows trading cryptocurrencies using funds provided by a third party. Margin trading gives traders the ability to enter into positions larger than their account balance this can generate a huge profit if executed correctly.

What is Tezos?

The Tezos project is a USA-based blockchain solution that supports building smart contracts and its Tezos (XTZ) token. The project was founded by former Morgan Stanley analyst Arthur Breitman. It’s an Ethereum-like blockchain that hosts dApps and smart contracts.

Tezos project held an ICO (Initial Coin Offering) from July 1 through 13, 2017. It raised cryptocurrency worth $232 million.

At the time At the time of writing, XTZ token is currently worth $1.26, the peak price of XTZ so far was $12.15 on December 17, 2017.

XTZ/USD Price Chart

*Charts are provided by cryptocompare.com

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Utopia Has launched its Mainnet

M. Ali

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Utopia-P2P-mainnet

Utopia, the all-in-one blockchain solution for private & secure instant messaging, encrypted e-mail system, private file storage, anonymous payments and private web browsing, has finally launched its mainnet to the public.

At TheCoinsPost, we tested and reviewed the beta version of Utopia back on July but lots of things have changed since then. The app has been refined, tuned to be crazy fast and stable and some new features have been added. In order to join and use Utopia, you will need to install Utopia’s client from the official website.

A screenshot of Utopia Client

Utopia is a P2P network where each user participates in data transmission. Utopia rewards users that support the network through mining by emission of new cryptocurrency called “Cryptons”. Mining and earning Crypton is an easy process, all what you have to do is just install the client and leave it running in the background. The client dose not assume any CPU resources it only uses the computer memory to operate.

A screenshot of Utopia Chat Rooms

At the time of writing, there are over 7000+ miners on the network. The current mining reward is 0.0128 Crypton per thread that is generated every 15 minutes.

Some screenshots of Utopia P2P Client:

Playing chess
Sending files through Utopia
Using Utopia’s Browser
Using Utopia’s uMail

We will be covering the mining process and other Utopia’s features on future articles.

To learn more, please check Utopia Official Website: https://u.is

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