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Bubbletone Partners with Dehedge to Give Additional Insurance against Failed ICOs


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Currently in the end of its ICO, the alt-telecom ecosystem Bubbletone has joined forces with DeHedge to offer protection against potential cancellations of token sales. The two companies have signed a contract for the equivalent of $1 million in Bubbletone’s UMT tokens; this is the first time in crypto history that a fintech company has offered 100% hedging for a project. It is hoped that such initiatives will bring greater peace of mind to large players in traditional money markets and encourage them to become more active in crypto space.

Bubbletone uses the blockchain to allow mobile network operators, phone users and service providers to interact directly. Its popular roaming mobile and messenger app will offer a low-cost and value-added alternative to international roaming, by allowing travelers to connect to networks in the countries they visit at local rates, without switching out SIMs. Testing of the concept is already underway in Europe and the United States.

DeHedge is the first decentralized risk-hedging platform for blockchain projects. The company secures purchases in ICOs and cryptocurrencies against certain risks, scams, and project cancellations.

This means that now buyers of Bubbletone tokens will be able to additionally ensure that their holdings will not be completely lost should an ICO suddenly fail or be cancelled. DeHedge is undertaking to cover such losses, and the payments to ETH wallets are guaranteed by a smart contract.

Bubbletone founder and CEO Yury Morozov sees this partnership as a vote of confidence in his company’s ICO: “We see this as a huge step towards the future, and we’re honored that the DeHedge expert committee has assessed our project so highly.”

For his part, DeHedge CEO Mikhail Chernov cited the potential social value of the Bubbletone project, which provides extremely attractive services to consumers, while DeHedge protects their interests in case a project is cancelled for any reason.

In many ways, it seems like a safe choice for a first step: ICORating has assigned a “Positive” rating to the universal mobile tokens (UMTs) on offer in Bubbletone’s ICO, while TrackICO, ICObench and wiserICO have also rated the company very highly.

Bubbletone’s initial coin offering began on March 20 with a token price of ETH 1 for 4,000 UMT, and a hard cap of USD 15,000,000, and will continue until June 15.

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A group of “Call of Duty” players from Indiana are accused of stealing more than $3 million in cryptocurrencies after coercing an Illinois man to aid them in remotely hacking unsecured crypto wallets on more than 100 cell phones. Man Coerced Into Hack After SWATing Incident The episode began in Bloomington, Illinois, where a local man told the FBI he met the members of the would-be group of cybercriminals online playing Call of Duty. In the simulated warfare game, players are able to communicate with each other in real-time and with relative privacy. The group, based out of Dolton, Indiana, allegedly coerced the man from Bloomington into working for them using an intimidation tactic called “SWATing,” a nefarious, illegal, and dangerous phenomenon that has become increasingly popular in online gaming communities. SWATing is when police are called with a false report of a violent crime at someone’s home, which prompts a response from a SWAT team — oftentimes leading to door breaches, gunfire, and even the accidental deaths of unknowing victims. It’s often used as a decidedly dark method of payback, or, as in this case, to intimidate or threaten an individual. Afraid of further retaliation the man succumbed to the hacker’s requests, to which they handed over names, phone numbers, and other information that permitted him to remotely access the cell phones of their victims. According to the FBI affidavit, the man admitted to taking over the cell phones of more than 100 people. Once the group took over a phone, they were able to hack into a victim’s cryptocurrency account and drain their funds. The group is suspected of stealing at least $3.3 million in various cryptocurrency, including about $805,000 in Augur’s Reputation Tokens, according to the FBI. The suspects then allegedly moved stolen tokens through cryptocurrency networks, such as Ether or Bitcoin, to their own digital wallets. As of yet, the Chicago Sun-Times isn’t naming the suspects identified in the affidavit because they don’t appear to have been charged with any crimes. In an online interview the Bloomington man proclaimed his innocence — even going as far as to say that considers himself a victim: “I have done nothing but cooperate with Augur and the FBI,” he said. “I have never once profited from anyone [by] crypto-hacking, ever.” Crypto Thefts in First Half of 2018 Total Over $1.1 Billion According to recent study from cybersecurity firm Carbon Black, the total amount of cryptocurrency that has been stolen through cybercrime this year alone is over $1.1 billion — primarily through ransomware and exchange hacks. The firm’s report claims that many criminals are using the dark web to appropriate cryptocurrency from their victims, estimating that there are over 12,000 marketplaces with almost three times that number of crypto theft listings between them. Rick McElroy, security strategist at Carbon Black, spoke on the trend, noting how easy it is for cybercriminals to operate these days: “It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware… It’s not always these large nefarious groups, it’s in anybody’s hands.” Part of the reason for this is the accessibility and user-friendliness of the tools of the trade. McElroy said that certain pieces of malware even come with customer service to aid would-be cybercriminals, adding that the malicious software costs an average of $224 but can be picked up for as little as $1.04. Many of the attacks against crypto users, companies, and exchanges originate from an organized group of criminals like those out of Indiana, however, McElroy says, they’re just as likely to be the product of a trained engineer who is out of work: “You have nations that are teaching coding, but there’s no jobs… It could just be two people in Romania needing to pay rent.” Image from Shutterstock The post FBI: “Call of Duty” Players Remotely Stole $3.3 Million in Cryptocurrencies appeared first on NewsBTC.

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