Home / Crypto Currency / From Thwarting an Attack to New Listings: It’s Been a Busy Month for KICKICO

From Thwarting an Attack to New Listings: It’s Been a Busy Month for KICKICO

Hacking attacks are not new in the crypto community. Ever since Mt. Gox infamously lost over 800,000 BTC to hackers in one of the biggest heists ever, many other projects have been targeted. Hackers are evolving with time, and as was witnessed in the recent KICKICO hack, they are becoming more creative. The hackers managed to get away with over $7 million worth of KickCoins before the security team at the Moscow-based team regained control. This hasn’t fazed the company, however, and according to an executive, KICKICO is back on its feet and already planning major moves including new exchange listings.

Backward Never

On July 26, the KICKICO team received several complaints from users who reported that they were missing some of the tokens stored in their wallets. The security team was quickly alerted and unearthed an attack by hackers who had managed to get away with 70,000,000 KickCoins, valued at over $7.7 million. The company then took to its Medium page to notify its community of the attack and to assure them that the situation was under control.

It was the unique way the hackers used to get away with the coins that piqued the interest of many. Having gained access to the private key belonging to the owner of the KickCoin smart contract, the hackers then destroyed tokens held at 40 addresses and then created tokens at 40 other addresses. This ensured that the total number of tokens in the network remained constant, which might have made detection harder. Luckily, the KICKICO team responded quickly and replaced the compromised key with the cold storage key.

According to Valeriya Minaeva, an executive at KICKICO, the company is on top of things and will destroy all the stolen tokens. Speaking exclusively to NullTX, Minaeva stated that the company would refund the stolen tokens. The company has also taken measures to ensure such an attack never happens again.

Serious measures have been taken quickly to strengthen the security features of the platform, one of which is the change of the main wallet address. The main wallet address (Contract Owner) was previously created for 1 person; now it has been changed to a multisignature wallet (and with this one, the hackers will need to steel 3 keys to duplicate such operations), so in the future it will not happen again, as it is nearly impossible to lose all 3 keys.

Unfazed by the recent attack, KICKICO is already looking to the future, and as revealed by Minaeva, KickCoin is now listed on CoinBene. The Singaporean exchange jumped into the limelight after it overtook Binance to become the biggest crypto exchange in the world last month. The rapid rise to the top was brought about by the exchange’s new transaction fee mining model which rewards users with native tokens for every BTC or ETH incurred as charges.

The company will give away one million KickCoins to its users who trade KICK on CoinBene. The top trader will receive 120,000 tokens, which at press time amounted to $108,000, with the other top 50 traders receiving tokens as well.

KICKICO also revealed in a blog post on August 6 that after some members of the team had failed to reach a consensus on the future of the crowdfunding platform, they had gone their separate ways and have become an independent project. Known as Ucommunity, the new project will be released officially in a month’s time, with the founder of KICKICO, Anti A. Danilevski, now being solely in charge of the KICKICO team. The Ucommunity team will distribute new tokens to KickCoin holders via airdrops.

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Which Cryptocurrencies Will Survive The Altcoin Apocalypse?

With the massive crypto market rout that has occurred in ‘red August’ many are now talking of an altcoin extinction which could spell the demise for the majority of them. Which ones are likely to survive is the key question. Most of the altcoins have dropped way below their price levels this time last year and are 80-90% down from their all-time highs. This has led many to surmise that it could be game over for many of them. According to Ted Rogers, the president of crypto wallet provider Xapo, this extinction level event could wipe out 90% of the altcoins; We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin — Ted Rogers (@tedmrogers) August 14, 2018 This sentiment has been echoed by Ethereum founder Vitalik Buterin when he famously said that most of the coins on Coinmarketcap will go to zero back in October before the big run up. Buterin’s comments were aimed more at low quality alts, or ‘shitcoins’ as they’re commonly known in the trade. Rogers, however, believes that only Bitcoin is the king and now is the best time to buy it. He may be onto something since Bitcoin’s market dominance has increased to 53.7%, its highest level this year. Surviving the Extinction If there is merit to these words, which altcoins will survive? To find out we need to look back to the ones that have survived such market drops in the past. These are most likely to survive this slump and possibly grow stronger in the future. Going back to 2013/14 is an almost mirror image of the current market situation with a huge pump at the end of the year and a massive dump throughout 2014 when markets shed 80% before recovering again in 2015. Total Market Capitalization 2013-14 Looking back at altcoins in 2014 we can see Litecoin as the second most popular cryptocurrency, priced at just $9. Also in the top twenty altcoins back then were XRP, Dash, Nxt, Dogecoin, Bytecoin, Maidsafe, and Monero with a few others. The rest have faded into obscurity so it is likely that these few will survive the current market depression. More recently there were a couple of smaller jumps and drops in 2016. Altcoins around back then include Ethereum which has taken and held the second spot as it is now the platform of choice for 90% of blockchain startups. Also in the top twenty were the same coins as in 2014 plus Nem, Lisk, DigixDAO, Waves, Steem, Siacoin and Stellar. This is not to say that they will definitely be around next year but they have a better chance than some of the newcomers simply because they have weathered these storms before. A Working Product or System Another factor to consider is whether a project has a working product or is just still a concept or work in progress. This could be fodder for extinction as non-operational altcoins are weeded out in favor of ones that actually have something on the table or have made significant partnerships. Looking at today’s top ten Cardano is the worst performing altcoin dropping 93% from its all-time high. It does not yet have a fully working product and is largely conceptual though the roadmap does look busy, whether this is enough to avoid extinction remains to be seen. EOS is similar with no real functioning product and a massive slide of 80% since the hyped pump it had in April. Iota also seems ahead of its time and has lost over 90% since its ATH, and then there is Tron which must be the most overhyped altcoin in the list that still doesn’t really do anything yet. There are too many to mention, 1845 on Coinmarketcap in fact, and this article is largely hypothetical but if such an apocalypse is to occur, only those that have survived the test of time and have some degree of product functionality have the best chances of surviving again. Image from Shutterstock The post Which Cryptocurrencies Will Survive The Altcoin Apocalypse? appeared first on NewsBTC.

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