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It might be possible that Verge tweeted the wrong wallet address. seems the coins have ended up at this address: DM5Esw71BnTdJzX1FWpNLvdnrLuCS91v4N Our condolences to all users that had their funds stored on coinpouch. A look at the address shows there are 126 million Verge coins (XVG 126,138,145) in the wallet which is around $668,532. The company did share alleged wallet address ( DM5Esw71BnTdJzX1FWpNLvdnrLuCS91v4N) where stolen funds are being currently held.
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The official Twitter account of Verge Currency has also acknowledged the hack and hopes that something will be done to bring the stolen funds back, since that the “Thanksgiving” related holidays in the United States might slow down the investigation. We are preparing a statement of the hack and the actions we are taking regarding the hack.
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We discovered a hack of a node that is connected to Coinpouch which resulted in the loss of user's funds. The trade-off here would be the loss of anonymity when users go to reclaim their balance.Another day, another cryptocurrency wallet hacked – This time it is Blockchain Wallet CoinPouch.ĬoinPunch, a Plano, Texas-based company providing multi-currency crypto wallets announced on Twitter that it suffered a breach in which one of its nodes that stored Verge currency got affected and resulted in the loss of user’s funds. For example, an organization could lock down all accounts still using the old type of cryptography and give owners some way to access it. that become increasingly insecure, because they're using weaker keys."īut there are ways to deal with this kind of failing in security upgrade.
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Inevitably, there will be users who forget their password or perhaps passed away without sharing their key. "Not everybody, regardless of how long it takes, will move their funds in time," said Groetker.
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In some scenarios, where fiat money accounts are centralized through a bank, this process may be easier than requiring a decentralized network of crypto holders to update their systems individually.
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However, this kind of upgrade in security requires users to be proactive. "Everyone who owns bitcoin or ethereum will transfer funds from the digital identity that is secured with the old type of key, to a new wallet, or new account, that's secured with a new type of key, which is going to be secure," he said. Once a newly standardized post-quantum secure cryptography is built, Groetker said, the process of mass migration will begin. Groetker said he expects the first standard quantum-safe crypto algorithm by 2024, which is still, as he put it, well before we'd see a quantum computer capable of breaking bitcoin's cryptography. You will have years of time to migrate your funds from one account to another." "There are new and secure algorithms for digital signatures. "It's a technical problem, and there's a technical solution for it," said Groetker. NIST is running that selection process now, picking the best candidates and standardizing them. "The National Institute of Science and Technology (NIST) has been working on a new standard for encryption for the future that's quantum-proof," said Thiel. There is also the fact that the community knows that it is coming, and researchers are already in the process of building quantum-safe cryptography. "It wouldn't be something that happens overnight." "We would have plenty of forewarning if quantum computing was reaching the stage of maturity and sophistication at which it started to threaten our core cryptographic primitives," he said. Crypto experts told CNBC they aren't all that worried about quantum hacking of bitcoin wallets for a couple of different reasons.Ĭastle Island Ventures founding partner Nic Carter pointed out that quantum breaks would be gradual rather than sudden.