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‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses

Privacy coins are meant to be private: that’s their raison d’être. Without this functionality, they’re just altcoins, and dangerous ones at that for anyone relying on them for anonymity. Verge (XVG) is one of the best known privacy coins on the market, but it risks becoming famous for all the wrong reasons. A new website claims to list the IP addresses associated with hundreds of verge transactions, stripping bare the coin’s claims of anonymity.

Also read: Everything You Ever Wanted to Know About Privacy Coins

Verging on the Ridiculous

XVG has soared in price over the past month, which may owe more to the coin being heavily shilled by John McAfee than its strong fundamentals. Nevertheless, a combination of privacy coins being en vogue and XVG costing mere buttons – or rather satoshis – until recently have also contributed to its rise. Anyone snapping up the coin for its privacy features, however, could be in for a disappointment.

‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP AddressesIn a recent article on privacy coins, news.Bitcoin.com wrote: “The general consensus is that verge isn’t as private as some of its competitors, so don’t trust it with your life.” That may have been an understatement given that a website is now purportedly listing IP addresses pertaining to verge transactions. The operator of the website is anonymous, which is more than can be said of the transactions it reveals.

Publicizing Privacy

‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP AddressesThe revelatory site currently lists transactions that were conducted via the Verge Core wallet, but the Electrum XVG wallet will soon be added. There’s also the ability to determine transactions which went via a ‘rich list’ address; verge is notorious for having a large number of coins in possession of a handful of ‘whales’. One of these whales spent a cosy weekend with John McAfee before the former software tycoon extolled the virtues of verge, but the pair later fell out over claims that McAfee reportedly wanted millions from Verge and XVGWhale to shill the coin.

‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP AddressesThese claims are hard to verify, but coupled with the latest disclosures regarding verge’s anonymity, they emphasize the need to be cautious when using privacy coins for their intended purpose.

On its website, the cryptocurrency’s developers claim:

Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.

In a glossy video posted to the Verge Twitter account on December 20, a voiceover describes XVG as “the only untraceable currency devoted to everyday use”.

Concerns about the veracity of this claim have abounded for some time, with the creation of xvg.keff.org now seeming to confirm as much. Not only does verge fail to provide the privacy that is the coin’s USP, but it arguably provides less privacy than other cryptocurrencies in allowing IP addresses to be recorded.

As the whistleblowing site explains:

Obviously not all of the IPs below will be correct. Some might just be relaying a transaction. The point is that a large amount will be correct due to the Verge network being so small. If your IP appears in the list with a TX you didn’t do, it means you relayed it for someone else. Would you want your IP to be connected to other users’ transactions?

Verge has disputed the accuracy of the site purporting to publish transaction IPs, tweeting:

‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses

It is telling however that the development team have yet to issue an outright denial of the site’s claims. Even if a handful of IPs on the list are correct, it is evident that privacy proponents relying on verge are taking a risk every time they transact.

The roadmap for Verge – which began life as Dogecoin Dark – lists branded apparel and RSK smart contracts as next on its to-do list. Before it tackles these tasks, XVG’s development team may wish to return to the drawing board and take a look at their privacy coin’s alleged lack of privacy.

Do you think XVG’s development team have a case to answer, or are these claims unfounded? Let us know in the comments section below.


Images courtesy of Shutterstock, and Verge website.


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The post ‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses appeared first on Bitcoin News.

 

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Onegold Customers Can Now Purchase Digital Bullion With Bitcoin

Online bullion marketplace Onegold announced on Tuesday that its customers can now purchase precious metals with bitcoin cash (BCH) and bitcoin core (BTC). Onegold’s digital silver and gold products are fully allocated physical metals stored at the Royal Canadian Mint and can be redeemed at any time through Apmex.

Onegold Now Accepts Cryptocurrencies

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin Cryptocurrency proponents can now purchase digital gold and silver bullion products on the Onegold platform using BCH and BTC. Onegold is a blockchain-based platform that stores precious metals and allows customers to redeem their digital bullion holdings at any time. The concept was created by the precious metals e-retailer Apmex and alternative asset manager Sprott. Their recent decision to support BCH and BTC is due to a partnership with Bitpay which already has a prior relationship with Apmex.

“Bitpay and Apmex have worked together for years, making it easy for Apmex to accept cryptocurrency — When they started Onegold, we were ready to help them accept bitcoin and bitcoin cash through Bitpay,” explained the chief commercial officer at Bitpay, Sonny Singh.

Singh continued:

Cryptocurrency is an ideal payment method for e-commerce and precious metals where the risk of chargebacks, fraud and identity theft with traditional credit cards is high.

International Bullion Buyers Are Interested in Alternative Payment Methods

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin Ken Lewis, chief executive officer at Onegold, explained that credit card chargebacks were one of the big reasons the company chose to accept BCH and BTC. Because the digital assets act like cash and are a “push transaction” system, users need to pay for products up front, making traditional fraud cases much harder to accomplish. Lewis also detailed that blockchain payments provide greater accountability and some international buyers are more apt to purchase Onegold’s collateralized assets using cryptocurrencies.

“We anticipate a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical,” Lewis explained during the announcement. “In addition to helping protect our own interests, adding bitcoin and bitcoin cash to the payment options for Onegold also increases our payment transparency and efficiency.”

Onegold Believes Cryptographically Secured Metals Are Better Than Exchange-Traded Funds

Onegold believes that its digital bullion is far superior to gold-backed paper like exchange-traded funds (ETF), such as the gold trust Comex and LBMA Gold. Both products are similar because they can be electronically traded, but Onegold is cryptographically secured by a distributed ledger and has 100 percent physical metal backing.

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin
The Onegold system.

Onegold customers can redeem their stored assets with the click of a button, and have physical metals shipped to their door by Apmex. Quite a few gold and silver ETFs cannot be redeemed so quickly and some cannot be traded for physical assets at all, making customers settle for fiat. Onegold believes adding the ability to purchase digital metals with cryptocurrencies was the company’s next logical step.

What do you think about Onegold adding BCH and BTC support for digital bullion purchases? Let us know in the comments section below.


Images via Shutterstock, Onegold, and Pixabay.


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The post Onegold Customers Can Now Purchase Digital Bullion With Bitcoin appeared first on Bitcoin News.

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Xsolla Adds MobileGO (MGO) as New Payment Method for Developers and Gamers Globally

OCTOBER 22, 2018 — LOS ANGELES — Xsolla, which provides game developers with a comprehensive suite of flexible tools and services to help launch, monetize and scale their games globally, today started accepting made-for-gaming cryptocurrency — MobileGO (MGO) — for its PC and mobile games partners.

For the first time ever, developers are able to receive royalty payouts in a cryptocurrency, MGO, on a sliding scale percentage of their choice. As more and more digital entrepreneurs move their savings and retirement investments to the blockchain, Xsolla is there to help its clients cash out in whatever currency is most convenient for them.

“Xsolla’s mission is to always be at the forefront of innovative technology, continuously adding tools and services that enable developers to grow and monetize their games globally,” said Aleksandr Agapitov, founder and CEO of Xsolla. “MGO will accelerate transformative opportunities for our community. Game developers will now receive their royalty payouts much faster, and owners of MGO will soon be able to engage in peer-to-peer match play and organize decentralized gaming tournaments in a way never before possible. MGO is essentially the Bitcoin of the gaming industry, the most trusted cryptocurrency that Xsolla is making available to more than half a billion gamers today.”

Gamers now have more choice to pay for games and in-game transactions with the addition of MGO to Xsolla’s over 700 payment methods. With a current roster of over 500 games — and more added daily — that can accept the tokens, the audience continues to grow. Xsolla’s tools and services operate in over 200 countries and territories, more than 20 languages, and 130 currencies. It is the only payment platform and end-to-end product suite focusing solely on the game development community worldwide.

In addition to gaining popularity with gamers, preparing for this massive adoption MGO tokens have managed to secure their position on major exchanges such as Bitfinex, DigiFinex, BitForex, HitBtc and GateCoin.

About MGO
MGO is Etherium based ERC223 token created to foster a new era in the gaming industry. Its ultimate goal is massive adoption becoming a universal currency for 2.6 billion gamers worldwide, and help both large and small game developers to grow their business as well as to provide gamers with benefits of smart contracts and transparency. For more information, visit https://www.mobilego.io or watch this video.

About Xsolla
Xsolla gives video game developers, publishers, and platform partners access to the flexible tools, services, and collaboration needed to launch, monetize, and scale their games and products globally. Serving only the video game industry, the Xsolla product suite caters to businesses from indie to enterprise, with: Pay Station and its #1 Anti-fraud solution, Partner Network, Site Builder, Store, Login, and Launcher. Headquartered in Los Angeles, with offices worldwide, Xsolla operates as a merchant and seller of record for major gaming entities like Valve, Twitch, Ubisoft, Epic Games, and PUBG Corporation. For more information, visit www.xsolla.com.

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Japanese Regulated Exchange Zaif Hacked – Nearly 6000 BTC Stolen

Japanese government-approved cryptocurrency exchange Zaif has confirmed that it has been hacked. After a preliminary investigation, the exchange says at least 5,966 BTC have been stolen, with an estimated total damage of $60 million. Some of the stolen coins belong to the exchange but the majority belong to customers.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Zaif Hacked

Japanese Regulated Exchange Zaif Hacked – Nearly 6000 BTC StolenJapanese crypto exchange Zaif has been hacked, its operator announced on Wednesday, Sept. 19. Tech Bureau Inc., which operates Zaif, explained that the exchange “detected server abnormality” on Monday and immediately suspended several services, including deposit, withdrawal, and merchant payment services.

The company revealed that unauthorized access to its hot wallet was detected between 17:00 and 19:00 on Sept. 14, elaborating:

Some of the deposit and withdrawal hot wallets were hacked by unauthorized access from the outside, and part of the virtual currencies managed by us was illegally discharged to the outside.

Japanese Regulated Exchange Zaif Hacked – Nearly 6000 BTC StolenThe exchange believes that three cryptocurrencies may have been stolen: BTC, BCH, and MONA. While it has confirmed that 5,966 BTC were stolen, the theft of the other two cryptocurrencies is still being investigated. Tech Bureau explained that the extent of the damage is currently unknown because the exchange’s server will not be restarted until it is confirmed to be secured in order to prevent further damage. Nonetheless, the company clarified:

It is estimated that the total loss due to the damage…is equivalent to about 6.7 billion yen [~US$60 million] (including MONA and BCH) in Japanese yen.

Out of the total damage, the company says 2.2 billion yen (~$19.6 million) belong to the exchange and 4.5 billion yen (~$40 million) belong to customers. Tech Bureau said it has asked for 5 billion yen (~$44.6 million) in assistance from a subsidiary of Fisco Ltd. to help repay affected customers, Kyodo News described.

Investigating and Rebuilding

In its announcement, Tech Bureau stated that it reported the breach to the Treasury Department on Sept. 18. “This case is a criminal case,” the company wrote, adding that it has requested an investigation into the breach. The company detailed:

Currently, we are checking and strengthening security, rebuilding the server, etc., in order to restart the system of depositing / withdrawing virtual currency.

The Osaka-based exchange, established in 2014, is one of the 16 government-approved crypto exchanges in Japan. The country’s Financial Services Agency (FSA) issued the company two business improvement orders: the first was on March 8 and the second on June 22. The agency ramped up its oversight of crypto exchanges after hackers stole 58 billion yen (~$534 million) worth of the cryptocurrency NEM from Coincheck in January.

What do you think of Zaif’s hack? Let us know in the comments section below.


Images courtesy of Shutterstock and Zaif.


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The post Japanese Regulated Exchange Zaif Hacked – Nearly 6000 BTC Stolen appeared first on Bitcoin News.



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