Decrypting the Solana Wallet attack and how investors can safeguard their crypto holdings

Decrypting the Solana Wallet attack and how investors can safeguard their crypto holdings

Solana’s hack is one of the major events that happened this week. These are my additional comments.

According to a tweet on Solana account. “There is no evidence the Solana protocol or its cryptography was compromised.” I think we should not take this lightly. I would expect a full postmortem later this week to address to the attack.

The addresses that were affected by the attack were at one point created, imported or used in the Slope mobile applications. Private key information was also accidentally sent to an application monitoring service. I think a decentralized network should stay independent and operate purely by codes. This can help to reduce similar problems.

Whether it is a bridge exploit or supply chain attack, the root problem is still uncertain. I would suggest users to create a new wallet, move their funds over to the new wallet and delete the old ones. Users for the time being can also consider moving their funds to the more reputable centralized exchanges or hardware wallets too. Keeping assets secure amid the uncertain situation is the best way for now.

I think the rest on the network should check on their codes and increase their security to prevent any other possible exploits that could happen. Never be too sure and let your guard down.

 

 

Decrypting the Solana Wallet attack and how investors can safeguard their crypto holdings

With reports indicating around 8,000 ‘hot’ wallets were compromised in the attack, experts advise investors to switch to hardware wallets for better security.

Close on the heels of cross-chain messaging platform Nomad being the target of a $200-million crypto heist, investors using ‘hot’ or internet-connected crypto wallets on the popular blockchain Solana were under attack from an unknown bad actor.

 

Over $8 million stolen from 8,000 investors

With crypto holdings worth over $8 million stolen from approximately 8,000 investors, this latest attack has raised many questions about the security offered by both the Solana network and ‘hot’ wallets that are quite popular with the average crypto investor.
While Solana’s official Twitter account was quick to clarify that the attack was not the result of any compromise in the network’s software, it added that its team of engineers is fervently working with security researchers and ecosystem teams to identify the root cause of this wallet hack.

Create new wallets, delete old ones

“While it is my opinion that a decentralised network should stay independent and operate purely by codes, I think the team at Solana should re-check all their partner systems and increase their security to prevent any other possible exploits. Investors ought to remain vigilant and take necessary precautions at their end,” he said.

“I would suggest users create a new wallet, move their funds over to the new wallet and delete the old ones. They can also consider moving their funds to the more reputable centralised exchanges or hardware wallets too. Keeping assets secure amid the uncertain situation is the best way for now,” he added.

Preliminary investigations have revealed that this exploit was limited to just the Slope wallet on the Solana ecosystem, while hardware wallets used by Slope remained unscathed.

According to Solana, affected wallet addresses were at one point created, imported or used in Slope mobile wallet applications, and their private key information was transmitted to an application monitoring service.

 

Do not store private keys on computers

Commenting on the Solana network and the underlying sentiment, Lin, a senior analyst at Block Review, said according to his statistics, there were 10.5 percent negative sentiments for Solana in the last seven days, while Ethereum had around 6.2 percent and anything below 15 percent is still okay in his opinion.

“Coming back to the private keys that were compromised, I think any of this information should never be on any computer at any given time. This part should be taken care of and well audited by the wallet providers. Users, on the other hand, have to take extra care of their private keys and seed phrases,” Lin said.

Solana has already urged investors affected by the attack to abandon the affected wallets as they could still be compromised even after revoking wallet approvals.

While the exact modus operandi employed is still unknown, crypto industry leaders have highlighted that the suspect transactions were properly signed, further indicating that it could be a supply chain attack with a specific focus on Slope ‘hot’ wallet users.

 

Investors should opt for cold or hardware wallets   

Elaborating on how hackers can still steal from a compromised wallet, Raj Kapoor, founder of India Blockchain Alliance, said since private keys are stored in application and device wallets, hackers can access them and steal cryptocurrencies and that sums up the Solana hack.

“If your wallet has been compromised, it’s paramount that you transfer any existing funds from your compromised wallet to another wallet. Hackers will wipe your account of funds immediately, but if you’re lucky and they have not done this yet, it’s time for investors to take immediate action,” he added.

Since most hacks happen to hit “hot” wallets, investors should opt for cold or hardware wallets instead. While investors may need some of it online for transactions, they should keep what they need in the short term and store most of it offline.

A cold crypto wallet, which is similar in size to a USB device, holds a private key that can be used to access your funds. Investors can set their own private keys as well.

 

Use multi-factor authentication

Investors should also use multi-factor authentication (MFA) as this creates a layered defence on their account with independent credentials based on a password, security token, and/or biometrics.

Phishing is another danger and to prevent it, investors should never log in to their cryptocurrency exchange unless they are sure they are on the correct site.

 

Do not share information over texts, emails

Additionally, investors should not trust texts, emails or chats that ask for your personal information.

Avoiding public WiFi is also a great idea as is updating your software from time to time. Regularly changing the passwords is great as well. Change the password regularly and use a password manager like LastPass or 1Password.

 

‘Hot’ wallets are vulnerable

As Solana continues to work with Slope Finance in conjunction with their partners OtterSec and SlowMist to restore normalcy, this incident again serves to highlight the vulnerability of ‘hot’ wallets to cyberattacks, despite the faster transaction times offered by them.

Comprising the entire collection of web-based, mobile and desktop wallets available today, ‘hot’ wallets should be used in conjunction with ‘cold’ or hardware wallets to strike the perfect balance between speed, functionality and security.

For those actively trading in crypto tokens and other crypto assets, it is recommended to hold trading funds in a ‘hot’ wallet while the bulk of their crypto holdings remains secure in a ‘cold’ or hardware wallet.

Nearly impossible to hack hardware wallets

Since a user’s private keys never leave the device, stealing funds from a hardware wallet is an almost impossible task for malicious cyber entities. Ranging from 50 to a few hundred dollars, the security offered by these hardware wallets more than compensates for the one-time costs involved and is highly recommended for all crypto investors out there.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Affiliate Marketing in the Age of Blockchain: Experts Share their Views in Philippines

Affiliate Marketing in the Age of Blockchain: Experts Share their Views in Philippines

Blockchain Experts from China, Philippines and Singapore were lined up at Affiliate Conference & Expo (ACE) to share how the new technology can help affiliate marketing. Affiliate marketing meets blockchain at the first ever Affiliate Conference & Expo in Manila from 21 to 22 November 2019 at the Solaire Resort & Casino.

Trust and transparency are the some of the key missing components in affiliate marketing and coincidentally these problems can be addressed with the adoption of blockchain technology.

Anndy Lian from Singapore, book Author of Blockchain Revolution 2030 and an inter-governmental blockchain advisor gave an individual presentation on what are the vital elements needed for an affiliate marketing scheme to work well in today’s society and how blockchain helps to close up the gap. During the presentation, he described his preferred scenarios for blockchain usage for affiliate marketing. He used an incentive token model for advertising that he trialed with BreezeMaxWeb to illustrate how tokens can draw users to click and get profit by verifying the advertisements on the chain. Then using a gamification model by Gaimin to create stickiness. Last but not least using pr companies like Blockcast.cc to push out verified news within an incentivized network to encourage users to participate in the online and offline activities and promotions within the community.

“The above that I have described is something that we have trialed. The current affiliate marketing programs have a bad name and it will remain that way if we don’t bother to change it. They advertise unethically, many small disclaimers and at times the brand owners of the products are no where to be found. By introducing blockchain to their existing model, it gives users more control over the information they are exposed to, the rewards they worked hard for will also be transparent and this gives ease to the users.” Shared Anndy.

A panel comprised of Jenny Zheng- Cofounder of Blockcast.cc, Jake Villanueva- Investment Manager of Y Investments Philippines Inc, Myrtle Anne- Founder of Blockchain Tides and Anndy Lian were assembled. The panel gave candid views during the panel discussion and that started a series of questions & answers from audiences as they want to find out more.

Jake commented that there are a lot of catching up within the Philippines community on blockchain and crypto currencies. “The communities who believe in blockchain have increased a lot. I can feel the excitement and the enthusiasm. But bear in mind, we are not totally ready yet to embrace this technology. There are needs to invest into infrastructures and educated the general public what is blockchain.”

“I agree with Jake totally. Education is very important and that is why we started Blockcast.cc. This is a platform where we share. Bitcoin, speculations and blockchain technologies have to be carefully distinguished. Coming back to the point on the market not being ready, I think the Philippines market has a great advantage over the rest of ASEAN. Just like China, we skipped the era of credit cards and jumped into a new digital economy with the Alipay and WeChatPay. I strongly believe that blockchain payment can do well in this lovely country!” Jenny added.

Myrtle who is the moderator for the panel, concurred with Jenny’s observations too. “Philippines community for blockchain will grow very strong. I have seen cafes that are trying to use bitcoin as a mode of payment. This is a good move and I think they are ahead of the curve. I have also consulted a project in Philippines who is cleverly using the blockchain technology for their health business. Again, this is very heart warming and my efforts to push this technology forward are gaining adoption.”

“As you know, I do give advice to governments and businesses on blockchain. Philippines government will step up to regulate this industry and we will see more updates in 2020. You will see more trading and securities tokens (STO) regulations soon. This will give users, investors and companies more confidence. It will draw in many new adoption into this industry and I am sure Philippines will stand out from this region when the regulations are in place.” Anndy explained further.

ACE 2019 is the go-to Affiliate Marketing event in Asia for the world’s top Affiliates, Digital Marketers, Merchants and eCommerce entrepreneurs gathered under one roof. Participants network with the top successful Super Affiliates, most prominent regional & global field experts & speakers, world’s top global networks, along with top industry investors & advertisers such as Veronica Andrino, CEO/Founder, Adsolve Co; AlnaverBaltazar, CEO/Founder, SevenGrace Marketing; Melissa Francisco, Head of Sales & Business Development SEA, Optimise Media; Carlito Antonio Jao, Social Management Director, McCann Worldgroup Philippines; Prashant Kala, Country Head, ShopBack Philippines; Chris Mangeura, CMO/Head of Marketing and App Product, Mynt (Globe Fintech Innovations, Inc); Rizal Prasetya, Regional Associate Manager, Affiliates at ZALORA Group; Sean Si, CEO/Founder, SEO Hacker; Janette Toral, Founder, Digital Filipino; AnuragVerma, Head of Sales and Partnerships, Zomato Philippines; Tristan de Belloy, Founder & CEO, Quanta Digital; Ces Dimalanta, Founder/Blogger, Manila Millennial; Carlos Castaño,Head of Sales & Business for Stratuscast Philippines, Inc.; DM Varun,Co-Founder and CEO, STORM Learning; Abigail Victorino, Founder and CEO of StyleGenie; Kurt Ebarita,Social Media Manager, Bonsey Jaden Philippine; Elie Odigie, Digital Marketing and eCommerce Senior Manager, AXA Philippines; Sebastien Caudron, Content President AP, GroupM; Stanley Willer, CEO, HoGaming; Weng Rivera, Country Manager (Philippines), Booking.com; Roy Redd, Motivational Speaker, The Redd Group; Francis Simisim, CEO, Social Light Inc.; Bhavesh Parthi, Head of Affiliates, Oppa888; Munmun Nath, Head of Marketing, Moneymax Philippines.

While affiliate marketing is the key theme of the expo, for the organizers to recognize the importance of blockchain is a good start. The panel of blockchain practitioners will continue to share their knowledge regionally. For more information on blockchain related news and information, go to www.blockcast.cc. Blockcast.cc welcomes contributors from all over the world to be part of the community.

 

About Blockcast.cc

Blockcast.cc is a broadcasting news source for the blockchain community. Founded in Singapore and has a network of contributors in China, Hong Kong, Korea and Malaysia. Aim to bring you the latest blockchain insights across the globe.

 

 

Media Contacts

Company: Blockcast.cc
Contact Person: Melody Chan
Title: Editor
Contact Number: +65 9883 2707
Contact Email: [email protected]
Website: www.blockcast.cc
Location: South Korea

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Linfinity and Momentum Work Together to Incentivize Their Users Globally

Linfinity and Momentum Work Together to Incentivize Their Users Globally

Linfinity signed a strategic cooperation agreement with Momentum Switzerland in Seoul, South Korea on 18th July to reach a cooperation on the commercialization of blockchain industry and jointly promote the commercial development of blockchain.

Momentum is a blockchain marketing platform created by MobileBridge in Switzerland. Its parent company, MobileBridge, is a multinational company with global influence, helping customers around the world, including Burger King, Dansk Supermarked, Praxis and Volkswagen, to better understand and interact with their customers. As its subsidiary company, Momentum is committed to building the world’s first automated marketing platform based on blockchain and cryptocurrency.

Through the Momentum platform, in addition to earning the membership points, users can also check company dynamics and access personal information. This new customer relationship management model will redefine the traditional membership points system. This cooperation will further integrate Linfinity’s commercial resources at the B-end and Momentum’s marketing advantages at the C-end to jointly promote the commercialization and popularization of blockchain industry and create a new ecosystem for millions of users.

Momentum Founder and President Eyal Oster said,“We are thrilled to cooperate with Linfinity as we see them as a great partner for blockchain and supply chain management. We believe that cooperation between strong teams can drive mass adoption and full utilization of the technology. We look forward to a great cooperation and are already eyeing the first mutual use cases.”

“The ultimate value of the emergence of any new technology is to benefit mankind, so that everyone can enjoy the happiness brought by technology,” said Anndy, CEO of Linfinity. “In the blockchain industry, we are constantly looking for more industry partners to promote the development of the entire industry, and cooperation with Momentum is a good start.”

This cooperation will further integrate Momentum’s cooperative resources in Europe and Linfinity’s market advantage in Asia-Pacific region, and will establish a token exchange mechanism between Linfinity and Momentum. In the future, LFT will be able to be redeemed with membership points on the Momentum platform to further expand the circulation area of LFT and its token value, as well as promote Linfinity’s development in European and American markets.

Linfinity has signed strategic cooperation agreements with several international companies in Taiwan and Singapore, including Alishan Group and Scientific Tradition, aiming to build a reliable and traceable anti-counterfeit supply chain solution underlying blockchain technology. At the same time, by combining LFT Token to the business ecosystem, Linfinity is developing more benefit-distribution models under the new safe and credible cooperation. All ecosystem participants, including suppliers, manufacturers, logistics service providers, retailers and consumers can benefit from it. “Blockchain is still a relatively new concept for some people, but there is no doubt that consumers are the real beneficiaries and promoters of it. ” Anndy added. This strategic cooperation is an important milestone in the transformation of blockchain technology from concept to reality and will greatly promote the commercialization of blockchain industry.

About Momentum:

Momentum protocol (Zug, Switzerland) is set to revolutionize the customer loyalty and rewards market by setting a worldwide standard blockchain protocol used by companies and brands to issue and control their own privately branded loyalty and rewards program stable tokens on the blockchain. The Momentum protocol offers instant exchangeability and liquidity between all tokens at the protocol level so as to give the highest value to the brands and their end consumers. The protocol offers connectors to a loyalty and marketing application middleware plus a 3rd party plugin eco-system and a full API stack. The team consists of Ariel Luedi (Chairman, Zug, fmr. CEO of Hybrid, SAP board member), Eyal Oster (President, Tel Aviv, Israel, Shlomo, Kees de Vos (Tel-Aviv, GM Intel, Netherlands)), Professor Youngsook Park (Korean Chair, UN Millennium Project, Global Blockchain Association).

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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