Security Firm Identifies Potential Tether (USDT) Double-Spend Bug 473

SlowMist, a Chinese cybersecurity firm, has recently pointed out a transaction that should have some worried, as the user managed to double the value of 694 USDT.

SlowMist: User

On Thursday, a blockchain centric cybersecurity firm, issued a Tweet which drew attention to a questionable USDT transaction.

交易所在进行USDT充值交易确认是否成功时存在逻辑缺陷,未校验区块链上交易详情中valid字段值是否为true,导致“假充值”,用户未损失任何USDT却成功向交易所充值了USDT,而且这些 USDT 可以正常进行交易。
我们已经确认真实攻击发生!相关交易所应尽快暂停USDT充值功能,并自查代码是否存在该逻辑缺陷。 pic.twitter.com/EPzZIsZFzH

— SlowMist (@SlowMist_Team) June 28, 2018

According to the automated translation of the Tweet, originally given in Mandarin Chinese, the user was able to illegitimately add USDT value to the exchange’s server, giving a guise of added funds.

This vulnerability essentially allowed the user to be potentially credited for USDT that was not sent to the exchange.

It is unclear whether the exchange affected, which remained unnamed, has made any actions to amend the issue.

According to the information of the transaction in question, the exchange accepted a transaction that had invalid information, with the exchange marking the 694 USDT “false” transaction as valid.

When the Tweet was first released, it was unclear whether this problem was an unlucky edge-case or a problem that affected all of the 2.75 Billion Tether tokens in existence.

Bug Is Only Pertinent To Vulnerable Exchange

SlowMist later clarified, in English this time, that the issue was not with Tether as a whole, but rather with the unnamed exchange.

A Reddit user who goes by Dacoinminster gave his/her reasoning for the hack. To add to the legitimacy of the reasoning, the user claimed to be a founder of Omni, the protocol which Tether is built upon.

Firstly, the Reddit user noted that Omni-based assets cannot be double-spent without Bitcoin having to be double-spent as well. This comment eased the double-spend worries, as a double-spend attack on Bitcoin is nearly impossible.

The Omni founder wrote:

If I’m translating this correctly, it appears that what happened here is that an exchange wasn’t checking the valid flag on transactions. They accepted a transaction with valid=false (which they should not have), and then the second “double spend” transaction had valid=true, which they also accepted.

Dacoinminster went on to say that the issue was the result of “poor exchange integration,” pointing an accusing finger at the affected exchange.

OKEx, one of the top cryptocurrency exchanges by trading volume, quickly created a press release regarding the issue, adding to the legitimacy of the issue. OKEx wrote:

We are aware of the vulnerability with USDT deposit. And we confirm that OKEx is NOT exposed to the vulnerability. Please rest assured that your assets are safe and secure with us.

Further adding that OKEx enlisted the help of SlowMist to ensure that OKEx was not vulnerable to the “fake deposit” issue.

Bittrex also confirmed that it was not affected and the processing of all Omni-based assets, like Tether, did not experience any difficulties. The Tweet stated, “Bittrex properly handles the “valid” flag mentioned in the (Omni) integration guide.”

It has become clear that this issue is only pertinent to exchanges who failed to properly integrate Omni assets, most likely smaller exchanges with smaller technical teams. At the time of writing, the unnamed exchange was the only platform reported to be vulnerable to the bug.

Tether Remains The Topic Of Controversy

Despite holding a vital role in the industry, serving as a way investors can find stability in the often volatile crypto market, Tether has had its fair share of problems.

As Tether’s market cap quickly rose over the billion dollar valuation, users began to question the legitimacy of the reserve funds backing the popular stablecoin. Speculation raged, as Tether unexpectedly dismissed an auditor for the “excruciatingly detailed procedures” the auditor firm was enlisting.

Many thought that Tether did not hold the funds to back its growing supply of USDT. However, it was recently revealed that Tether does hold the U.S. dollars to back all USDT in existence.

Although that issue was dismissed, research has pointed out that Tether may be responsible for the manipulation of many Bitcoin price movements. The report, originating from the University of Texas, states that the issuances of Tether may have caused up to 50% of all Bitcoin price increases.

Although not directly addressed by the Tether organization, this report confirms much of the sentiment held by Tether critics.

The recent bug exposed by SlowMint has added to the Tether controversy, which has become increasingly diverse as Tether continues to grow at a rapid rate.

 

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Integrated Ventures Partners With Wattum To Purchase 4,800 Antminer S19JPro Miners From Bitmain Technologies Limited 7452

Integrated Ventures Inc, (OTCQB: INTV) (“Company”) is pleased to confirm that the Company has partnered with Wattum Management and entered into a 12 Month Sales and Purchase Agreement (“PO-1”) with Bitmain Technologies Limited (“Bitmain”) to acquire 4,800 Antminer model S19J (100 Th) digital currency miners. Bitmain is scheduled to manufacture and ship miners on monthly basis, in 12 equal batches of 400 units, starting on August 2021 and thru July 2022. Partners agreed to purchase 4,800 units, on 50/50 basis, and to pay Bitmain, approximately $34,047,600 (“Total Purchase Price” or “TPP”) (*).

As a part of signed agreement, Integrated Ventures has received: (1) downside price protection for 12 months and (2) right to replace S19JPro miners with new models, scheduled to be released in early 2022.

The TPP is payable as follows: (i) 25% of the TPP, upon the execution of the Sales Purchase Agreement or no later then April 19, 2021; (ii) 35% of the TPP, is due by May 30, 2021; and (iii) the remaining 40%, is due on monthly basis, starting on June 2021. In addition to Bitmain order, the Company has purchased 150 WhatMiners, (“PO-2”), valued at $1,078,000. These miners will be installed in container facility, connected to a major power plant, located in Kennerdell, PA and managed by Wattum.

Details on both purchase orders are below:

PO-1/Bitmain Order:

  • Antminer S19JPro – 100TH
  • Shipping Schedule: August, 2021 – June, 2022
  • Total Qty: 4,800
  • Total Purchase Price: $34,047,600

PO-2/WhatsMiner Order:

  • WhatsMiner M31S – 82TH
  • Shipping Schedule: May 15, 2021
  • Total Qty: 150 units
  • Total Purchase Price: $1,078,000

Steve Rubakh, CEO of Integrated Ventures, Inc., provides the following commentary: “The Company is very pleased to secure this large scale purchase agreement, especially during a period of scarce supply of mining hardware. Going forward, INTV is committed to deploy any raised capital for purchases of the mining equipment. This purchase effectively doubles INTV’s hash rate and represents a major step in INTV’s strategic growth plan, resulting in significant increase of the Company’s projected revenue growth rate.

Below is detailed shipping schedule for all in-coming mining equipment for the rest of 2021:

  • 300 Avalons/model 1166Pro/assorted 75TH-82TH – April delivery
  • 150 WhatsMiners/model M31S/82TH – May delivery
  • 200 Antminers/model S19JPro/100TH – August delivery
  • 250 Avalons/model 1166Pro/75TH-82TH – August delivery
  • 200 Antminers/model S19JPro/100TH – September delivery
  • 200 Antminers/model S19JPro/100TH – October delivery
  • 200 Antminers/model S19JPro/100TH – November delivery
  • 200 Antminers/model S19JPro/100TH – December delivery.

By the end of December 2021, at minimum, the Company will own and operate over 2,000 miners. Based on BTC pricing of $60,000, the projected and unaudited mining revenues for next 12 months, once all units are connected are expected to be in range of $19,000,000 and $21,000,000 million dollars.”

Arseniy Grusha, CEO of Wattum Management, Inc., adds the following: “We are pleased to partner with INTV and to be an integral part of 12 month Sales & Purchase Agreement with Bitmain Technologies Limited, to jointly acquire 4,800 units of S19JPro – one of the most efficient miners available on the market. Both companies are focused on expanding their mining and hosting operations, by launching multiple data centers and mobile mining farms. We are looking forward to a mutually beneficial and long term cooperation with goal of establishing Integrated Ventures and Wattum as leaders in rapidly growing North American cryptocurrency market.”

About Integrated Ventures Inc: The Company operates as Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit company’s website at www.integratedventuresinc.com.

About Wattum Management, Inc: NY based and privately owned, leading technology corporation, focused on providing cost efficient and reliable hosting services, firmware design, distribution of mining equipment, complete facility management and mining pool operations.

About Bitman Technologies Limited: Founded in 2013, Bitmain transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide- Antpool.com and BTC.com. Bitmain technology supports a wide range of blockchain platforms and startups.

Aves Lair presents Demo Day, showcasing winter 2020 accelerator cohort 9097

Aves Lair, a New York-based startup accelerator and VC with a focus on deep tech, including AI, blockchain, cloud and data, will host a Demo Day event on April 9, 2021 at 11:00 AM ET. The event will highlight the innovative solutions developed by the members of Aves Lair’s Winter 2020 cohort, and will feature the following startups:

Blocksport is a Switzerland-based sports technology company whose white-label digital solutions provide traditional sports and esports teams with new, durable revenue streams and fan engagement channels.

DLCC is a fintech company that offers institutional-grade prime brokerage tools and services for digital assets. The company built a solution that enables traditional asset managers and allocators, like family offices, global macro hedge funds and endowments, to participate in the digital asset space.

SubStrata is an Israel-based B2B sales technology company whose AI-powered social signal processing platform helps professional dealmakers attain better outcomes. SubStrata’s technology analyzes the subtextual information contained in communications to provide dealmakers with a rich array of insight.

iLoto – is a Singapore-based Edtech solution powered by AI that generates automated video transcription and translation in 30+ languages.

Storkcard is a London-based budgeting tool that takes the guesswork out of financial planning for new parents by allowing users to keep track of their spending and budget for the future.

Kotani Pay is a payment solution enabling blockchain protocols, dapps and blockchain fintech companies to reach a wider audience.

OmniEyes is a Taiwan-based computer vision company whose AI-based solution enables effective fleet management, driver safety and smart city management features.

As Digital Currencies Gain Popularity, FPA and RIA Digital Assets Council Announce Education-Focused Partnership 10993

According to the RIA Digital Assets Council, 80% of financial advisers receive questions from clients about bitcoin, but only 8% can adequately explain digital assets. As cryptocurrency becomes more mainstream, now is the time for financial planners to build competency in this asset class. To support financial planners, the Financial Planning Association® (FPA®) and RIA Digital Assets Council (RIADAC), a digital assets educational source for financial planners, announced a strategic partnership to provide education on the application of blockchain and digital assets.

“I’m pleased FPA has this opportunity to work with RIADAC to build our members’ competency in digital assets, which will allow them to augment their knowledge and better serve clients,” says Patrick D. Mahoney, FPA chief executive officer. “As the leading membership association for CERTIFIED FINANCIAL PLANNER™ professionals, we need to be on the cutting edge of supporting our members as they look to sharpen their knowledge and build their competencies. This partnership with RIADAC is consistent with that objective.”

FPA and RIADAC will provide educational programming and a wide range of content to help FPA members understand the complexities of cryptocurriencies and provide expert advice on how this transformational asset class can impact their clients’ financial plans. As an FPA partner, RIADAC’s educational content and thought leadership will be available to FPA members through a variety of channels:

  • RIA Digital Assets Council Certificate in Blockchain and Digital Assets: FPA members will receive a 50% discount when enrolling in RIADAC’s certificate program that provides financial planners practical literacy on blockchain and digital assets and introduces available options for a firm’s investment management strategy. The inaugural class debuts on Apr. 30, 2021.
  • FPA Blockchain & Digital Assets Community: FPA members will engage with dynamic guests and thought leaders from RIADAC in virtual, interactive discussions and exchange ideas with peers in the FPA Connect Blockchain & Digital Assets community.
  • Journal of Financial Planning: RIADAC will regularly contribute thought leadership content to help financial planners understand blockchain and digital assets in FPA’s flagship publication, the Journal of Financial Planning.
  • FPA Annual ConferenceRic Edelman, founder of RIADAC, will present an informative session on blockchain and digital assets at the FPA Annual Conference in Columbus, OhioSept. 22-24, 2021.

“Gaining vital knowledge about this new asset class will help financial planners attract more clients and serve them better,” said RIADAC Founder Ric Edelman. “We’re honored to be partnering with FPA to help financial planners who are committed to serving their clients’ best interests.”

Ric Edelman is known and recognized throughout financial services and his work to bring blockchain and digital assets education and awareness to the financial advisory community is commendable. I am pleased FPA members will have this opportunity to learn from Ric and his team at RIADAC,” says 2021 FPA President Skip Schweiss, CFP®, AIF®.

Over the coming months, FPA and RIADAC will explore additional educational initiatives and thought leadership programs that can benefit FPA members, their clients and the broader financial planning community.

The9 Signed Filecoin Mining Machine Purchase and Hosting Agreement to Enhance Filecoin Mining 10317

The9 Limited, an established Internet company, today announced that it signed a Filecoin mining machine purchase and hosting agreement amounting to approximately US$2 million with a Filecoin mining service provider. In February 2021, The9 signed a US$10 million framework agreement with a Filecoin mining machine vendor to purchase Filecoin mining machines. This new purchase agreement The9 just signed is with another Filecoin mining machine vendor. This new purchase will increase the effective storage mining power of The9 in the Filecoin network, especially in the current early stage of Filecoin’s rapid development trend.

At present, The9 owns an independent node on Filecoin blockchain and 8 Pebibytes of effective storage mining power in the Filecoin network. When the two agreements are fully implemented, The9 is expected to have a total of more than 80 Pebibytes of effective storage mining power in the Filecoin network.

Filecoin is an open source, distributed storage and digital payment system. Users can use the preset economic incentive mechanism to store data to ensure that files are stored and accessed reliably for a long time. Users use the Filecoin (FIL) in the system to rent hard drive space; and storage miners are responsible for providing storage space to store files and proving these files have been stored correctly.

Based on Filecoin’s technology and the expected continuous expansion of future application scenarios, as well as the recent positive price trend of Filecoin, The9 decided to increase the investment in Filecoin and the effective storage mining power in the Filecoin network, to fulfill its growth strategy in the cryptocurrency mining business.

CryptoUniverse: We get profit when you get profit 9093

CryptoUniverse

We could not wait to present you the first part of the huge transformation. CryptoUniverse is always trying to reach the highest level of transparency, so you can feel every hash/second is running near you, but without any noise, heat or space taken from your home.

Let’s start the introduction from the main one. Meet the new balance management system. Collected experience and vision allowed us to make the step forward. From now, every account will have its own balances for different purposes in our ecosystem that you can easily manage as you want from the new page called “Balances”. This unique feature comes with a reworked electricity payment system. We made it as similar to your usual life routine as possible. All assets are still pre-paid, but you can fully control it within the new balance designed for electricity that is simply called “Electricity account”. There you will find not only the amount required to pay, but also real numbers of electricity in kilowatts consumed by any of your assets.

CryptoUniverse wants you to have access to as many instruments as possible.That is why we added the opportunity to make flexible and fixed savings not only in BTC, but in LTC too.  It grew by 500% in the last 6 months, so we all see again what results diversification can give. Beneficial and safe storage of your assets is one of our priorities.

New miners and contracts push your frontiers too. From now, the fee of our service is calculated in percents and is related to your mining income. It shows that we are interested in making mining as profitable for you as possible.

New instruments complicate user experience for some of us, so we thought it would be great to outweigh it by a significantly improved dashboard. Recent update includes a reworked “Dashboard” page and a new “Assets” page that can be used for managing and monitoring your assets in several clicks. There are dozens of other minor improvements, but we offer the intrigue to find it by yourself.

Our team worked a lot to make these changes possible, so we are pleased to hear any feedback on your experience with dashboard in social media or in support. To make your acquaintance more intense, use promo code GETPROFIT21. It provides you with a discount on our recent miners and contracts.

This is just the beginning, so keep an eye on it. Thank you for being with us.

About CryptoUniverse

CryptoUniverse.io is a multifunctional service created on 14 February, 2017. It gives users an opportunity to purchase or rent calculating power and equipment on its infrastructure. Company is based in Europe with headquarters in the United Kingdom and Estonia that guarantees operation within the European Union law and safety of users’ assets.

In Russia the company and its technical partners operate several clusters of modern data centers with an overall area of 38 000 square meters and more than 120 MW of overall power. It makes the services of CryptoUniverse.io high-quality and uninterrupted.

Main idea of the project is a simple and available opportunity to enter cryptocurrency mining by purchasing or renting calculating power. The service is also interesting for experienced miners because well-established logistics gives them an access to top-notch equipment that is already installed, tuned and ready to function in data centers of the company. Transparent operation and flexible offers to make clients experience comfortable are the main values of CryptoUniverse.

CryptoUniverse team is full of highly qualified professionals who polished all the processes, made service easy and convenient. 24/7 support extends boundaries for users who are not familiar with blockchain technology.    

CryptoUniverse. You buy, we pay.

Bitcoin Association launches Introduction to Bitcoin Development online course at Bitcoin SV Academy 10739

Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV blockchain, today announces the official launch of the Introduction to Bitcoin Development course at Bitcoin SV Academy. The course is available free of charge and can be accessed from today at http://bitcoinsv.academy.

Introduction to Bitcoin Development is part of the Bitcoin Development stream of Bitcoin SV Academy and has been designed to equip application developers with the skills, tools and techniques required to build applications on the Bitcoin SV network. The course covers Bitcoin as a data protocol – including reading, writing and advanced functionalities with the Bitcoin ledger, payment protocols, token protocols and smart contracts. At the conclusion of the course, participants will be tested on their knowledge through an online examination, with a course certificate available upon successful completion for those who have demonstrated proficiency and understanding of the subject matter.

Bitcoin SV Academy is an online education platform for Bitcoin which offers academia-quality, university-style courses and learning materials in three distinct streams, Bitcoin Theory, Bitcoin Development and Bitcoin Infrastructure. Developed and run by Bitcoin Association, Bitcoin SV Academy has been created to make learning about Bitcoin – the way creator Satoshi Nakamoto designed it – accessible, accurate and understandable.

The launch of Introduction to Bitcoin Development today follows the successful rollout of Introduction to Bitcoin Theory – the first course to be launched on Bitcoin SV Academy – in December 2020. Later this year, the first module in the Bitcoin Infrastructure stream Introduction to Bitcoin Infrastructure is due to launch, followed by intermediate and advanced level courses across the three streams.