Coinone Exchange Partners With Two Firms for Improved Safety Measures

For Xangle, the report states that their disclosures will provide protection for crypto investors as well as making projects more transparent. These disclosures could include information about new tokens, changes in a project’s business model, token governance and the volatility of investment stocks.

Major South Korean cryptocurrency exchange Coinone has partnered with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors.

Coinone shared news of the recent partnerships in an announcement on Aug. 7. According to their announcement, CertiK and Xangle will provide public disclosure information as well as smart contract audit information, respectively.

Certik, on the other hand, will reportedly provide audit information as a preventative measure against issues with code security exploits, as well as to review projects at a code level, among other things. Certik will perform audits for projects listed on Coinone, as per the announcement.

Coinone’s expansion to Southeast Asia

As previously reported by Cointelegraph, Coinone announced its intent to expand to Indonesia back in April 2018. The exchange was slated to support six cryptocurrencies upon launch in June, namely Bitcoin, Bitcoin Cash (BCH), Ether (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Quantum (QAU).

A busy blockchain security company

In addition to its recent partnership with Coinone, CertiK recently launched a native blockchain on July 22. Smart contracts on this blockchain, the CertiK Chain, can apparently be developed with the functional programming language DeepSEA. DeepSEA is a language which purportedly guarantees security due to the code itself, and its development was funded by the Ethereum Foundation as well as the open source blockchain project Qtum. The nodes of the Certik Chain will reportedly run on CertiKOS, which was described in the announcement as a “fully verified hypervisor / concurrent OS kernel” granting military-grade security against hacking attempts.

Crypto Exchange Binance Points out a Dusting Attack Against Litecoin

Cryptocurrency exchange Binance claims that a dusting attack against fourth-biggest altcoin, Litecoin (LTC).

A large scale attack against privacy

The official Twitter exchange of cryptocurrency exchange Binance claimed that a major attack against users of altcoin Litecoin took place yesterday. The firm made this claim in a tweet on August 9:

“Approximately 5 hours ago there was a large-scale dusting attack on $LTC @Litecoin users.”

The tweet also links to a transaction – which according to Binance is part of the attack – sending a fraction (0.00000546 LTC) of a coin to 50 addresses. Furthermore, the exchange also links to an explanation of a dusting attack, which defines it in the following way:

“A dusting attack refers to a relatively new kind of malicious activity where hackers and scammers try and break the privacy of Bitcoin and cryptocurrency users by sending tiny amounts of coins to their personal wallets.”

A data acquisition strategy

The way this kind of attack works is that the attacker can then track down the transactional activity of these wallets. By analyzing this data, the attacker tries to determine the identity of who controls those wallets.

As Cointelegraph reported at the end of the January, research at the time cited dusting as one of the major threats to cryptocurrencies.

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