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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 consultant.

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A Major European Airport Hit By a Monero Mining Malware

M. Ali

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Monero-Mining-Malware

Unnamed major European airport was hit by a Monero mining malware that infected more than half of the airport’s workstations to secretly mine Monero cryptocurrency.

Cyberbit, a cyber security firm revealed in a blog post that the malware mining attack was discovered by Cyberbit’s Endpoint Detection and Response team while deploying their security solution that detected suspicious activity on some airport systems.

The malware used Reflective Dynamic-Link Library (DLL) loading to inject malicious DLLs into a host process running in memory without using the Windows loader and completely bypassing the infected systems’ hard drives.

The malware installed xmrig Monero miner to stealthy mine cryptocurrency on the infected machines.

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Monero Will Implement RandomX Algorithm to Combat ASIC Miners

M. Ali

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Monero-XMR-RandomX

In an effort to combat ASIC miners, Monero (XMR) will be changing its mining algorithm in late October to RandomX.

Monero is currently using CryptoKnight algorithm, which is a proof-of-work hashing algorithm originally designed by the Bytecoin and CryptoNote developer teams.

CryptoKnight algorithm was chosen by Monero team as CryptoKnight was originally designed to accommodate CPU and GPU mining and it was difficult to create ASIC miners for it.

According to Jordan Clifford of Monero, Rumors emerged that BitMain controlled a significant share of Monero’s hash rate by developing CryptoKnight ASICs. Developers alerted the community and efforts to change the hash function began.

The Monero research team began investigating how they could design a hash function that runs more efficiently on CPUs than on specialized hardware. In the meantime, it was decided the threat required an interim solution. CryptoKnight-R (v4) is currently used.

The team is now ready to launch RandomX. It uses the current block and data from a key block (every 2048 blocks) to produce a set of random programs and input that need to be executed together. The output from the programs is then fed into Blake2 to produce a final hash result

What is RandomX?

RandomX is a proof-of-work (PoW) algorithm that is optimized for general-purpose CPUs. RandomX uses random code execution (hence the name) together with several memory-hard techniques to minimize the efficiency advantage of specialized hardware.

According to RandomX’s developers, RandomX can operate in two main modes with different memory requirements:

  • Fast mode – requires 2080 MiB of shared memory.
  • Light mode – requires only 256 MiB of shared memory, but runs significantly slower

Because RandomX is optimized for general-purpose CPUs, the network will become more decentralized and egalitarian in the distribution of block rewards.

RandomX was developed for Monero by tevador, hyc, vielmetti, antanst and SChernykh. Wownero (Which is a a Monero fork) is also launching RandomX in their upcoming v0.6 update and will call it RandomWOW.

Monero XMR USD Price Chart

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Binance.US Adds Dash Coin

Sying Tien

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DASH-is-added-to-binance

Binance.us, the US division of the Chinese cryptocurrency exchange Binance, announced that it has listed Dash (DASH) coin on its platform. Dash trading will be available today at 9:00pm EST.

Currently Binance.us supports 14 coins: Bitcoin (BTC), Bat Toekn (BAT), Cardano (ADA), Bitcoin Cash (BCH), Binance coin (BNB), Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), ChainLink (LNK), Ravencoin (RVN), Stellar Lumens (XLM), Ripple (XRP), 0x (ZRX) and lastly DASH.

Binance.US, is a digital cryptocurrency marketplace for Americans operated by our local U.S. partner, BAM Trading Service.

Whats is DASH Cryptocurrency?

Previously known as darkcoin, is a cryptocurrency designed specifically for payments. Dash is a peer-to-peer decentralized electronic form of payment, which is free from centralized regulations, such as bank or government authority, and allows users to transact anonymously. This currency was inspired by cryptocurrency leader Bitcoin, but with a couple of major differences.

DASH/BTC Price Chart

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