Skip to main content

The Daily: US Presidential Candidate Accepts Crypto, KICKICO Hacked – $7.7M Stolen

The Daily: US Presidential Candidate Accepts Crypto, KICKICO Hacked - $7.7M Stolen

US presidential candidate, Andrew Yang (D), has announced that his campaign for the 2020 election is now accepting cryptocurrency donations. Also in the Daily, Chinese social network, Tianya, is about to issue a native token, and the KICKICO project has been hacked – resulting in the loss of $7.7 million USD worth of tokens due to a security breach of its smart contract.

Also read: Twitter Blocks Bots Mimicking Musk, Coinvault Hackers Sentenced

Yang 2020 Campaign Accepts Bitcoin and Any ERC20

US Democrat Andrew Yang’s campaign is now accepting donations in Bitcoin Core (BTC), Ethereum (ETH), and other cryptocurrencies for the 2020 US presidential election. Yang announced the news on Twitter calling on his supporters to “build the future together.”

The announcement released by his team to “our crypto donors” reads: “We currently accept Bitcoin and anything on the ERC20 standard.” It also comes with instructions on how to donate cryptocurrency and notes that the maximum for individual donations is set at the fiat equivalent of $2,500.

Yang believes in cryptocurrencies and blockchain technology, and has already declared that he sees them as a potential catalyst for socio-political change. He has also previously stated on social media that a “smart government” should embrace cryptocurrency technology:

During a Facebook AMA I was asked about crypto and blockchain. I think the technology has massive potential to create a more transparent society. A smart government would embrace this and work with it. I would do that.

Chinese Social Network Tianya to Issue Native Token

Tianya Club, one of the most popular social networks and online forums in the People’s Republic, has announced it will launch its native Tianya Token (TYT) on August 8. According to a post published on its blog, TYT will be the only means of accounting in its blockchain-based community ecosystem. Tianya.cn is among the most visited websites in China, ranking in the top 20 of the Chinese Internet.

The Daily: US Presidential Candidate Accepts Crypto, KICKICO Hacked - $7.7M Stolen

The number of tokens that the company is planning to release is limited to 90 billion. The users of the platform will receive TYT awards based on their contribution to the community. The coin will be used as a medium of exchange and a means of payment underpinning various transactions and payments within the community.

Tianya also plans to keep 20% of the new tokens for team incentives, ecological development investments, and operation promotion – depending on the needs of the community. The other 80% will be used for community rewards, incentives for users to participate in content creation and community governance, and rewards to original content creators and independent contributors.

KICKICO Hacked, Coins Worth $7.7M Stolen

The Daily: US Presidential Candidate Accepts Crypto, KICKICO Hacked - $7.7M StolenKICKICO, an ICO project based on the Ethereum protocol, has admitted experiencing a security breach in which the attackers gained access to the account of the KICK smart contract. The company announced that its team has been notified about the hack by victims who reported that they were not able to find tokens worth $800,000 USD in their wallets.

According to an investigation launched probing the hack, the total amount of stolen funds is 70,000,000 KICK – equal to $7.7 million USD at the exchange rate at time of the announcement. KICKICO claims that it has already restored full control over the smart contract and promises to return all stolen Kickcoins to their holders.

Providing more details about the attack, the company explains that the hackers gained access to the private key of the owner of the Kickcoin smart contract. They also attempted to hide their activities by employing methods used by the contract in integration with the Bancor network. Earlier this month, the decentralized exchange was also breached, as news.Bitcoin.com reported.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.

Images courtesy of Shutterstock.

Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Daily: US Presidential Candidate Accepts Crypto, KICKICO Hacked – $7.7M Stolen appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2NTfl2R
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more