Connect with us

Blockchain

StakeHound, Fireblocks in Hot Water After Losing Clients’ $75M in Ether (ETH)

Stakehound, the second biggest ETH2 staking pool (after Lido) lost their users private keys

Stakehound, the second biggest ETH2 staking pool (after Lido) lost their users private keysStakeHound has filed a lawsuit against its cryptocurrency custodian Fireblocks at the Tel Aviv District Court, for allegedly losing the private keys to its $75 million worth of ether (ETH). StakeHound claims the digital currency was lost due to negligence on Fireblocks’ part, as the firm did not backup the private keys appropriately, according to

Read More

Published

on

StakeHound has filed a lawsuit against its cryptocurrency custodian Fireblocks at the Tel Aviv District Court, for allegedly losing the private keys to its $75 million worth of ether (ETH). StakeHound claims the digital currency was lost due to negligence on Fireblocks’ part, as the firm did not backup the private keys appropriately, according to reports on June 22, 2021.

StakeHound Sues Fireblock

StakeHound, an Ethereum 2.0 staking pool that claims to be focused on making staking easier by eliminating lock-ups and high minimum staking amount, has sued its cryptoasset custodian, Fireblocks, for allegedly misplacing the private keys of the $75 million worth of Ether in its custody.

Per sources close to the matter, the lawsuit which was filed in a Tel Aviv District Court on June 22, alleges that the funds got lost as a result of Fireblocks’ negligence. 

“This is a human error committed by an employee of Fireblocks, who worked in an unsuitable work environment, did not protect or back up the defendant’s private keys needed to open the relevant digital wallet, and for no apparent reason, the keys were deleted, preventing the plaintiff’s digital assets from being accessed,” a section of the lawsuit read

Explaining further, StakeHound claimed that Fireblocks failed to send the relevant private key to Coincover for backup and due to a confidentiality agreement, Coincover could not verify whether they were the exact keys at the time it was received from Fireblocks. To further complicate matters, Fireblocks has deleted its copy of the keys, making it impossible for Coincover to do the necessary verification and recovery.

“The defendants did not transfer the relevant private keys to Coincover as required and agreed upon. This resulted in a disaster and damage: the defendant irrevocably lost access to the plaintiff’s digital assets, which were deposited in an e-wallet provided by the defendant, causing the loss of 38,178 of the plaintiff’s Eth tokens,” the suit added.

Fireblocks Denies Wrongdoing

However, Fireblocks, the Israeli digital asset custody, transfer, and settlement platform, which inked a partnership deal with Crypto.com earlier this month, has denied any wrongdoing, claiming that the allegations leveled against it by StakeHound are entirely false.

Michael Shaulov, the CEO of Fireblocks has argued that StakeHound actually caused the problem themselves due to inefficiencies in its Eth2 staking infrastructure.

Shaulov said:

“In the [Eth2] framework they created, there is a password the client needs as soon as the new network is launched. Fireblocks do not create the password for the network because it does not yet exist. What we did do for them through our research team was to create an app they ran in order to generate a password, which they needed to backup and provide instructions for backing it up. They did not back up the password and did not confirm it.”

Shaulov added that StakeHound provided an entirely different private key that “was not part of the system and they had to pass instructions to use it. We tried to help them but they decided to file a lawsuit.”

At press time the price of ether (ETH) sits at $1,995, with a market cap of $232.25 billion, according to CoinMarketCap.

Related posts:

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://btcmanager.com/stakehound-fireblocks-clients-75m-ether-eth/

AI

Nigeria to Launch a Pilot for Its CBDC in October

Published

on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coingenius.news/nigeria-to-launch-a-pilot-for-its-cbdc-in-october-49/?utm_source=rss&utm_medium=rss&utm_campaign=nigeria-to-launch-a-pilot-for-its-cbdc-in-october-49

Continue Reading

AI

Amazon Wants a Leader For Its Digital Currency and Blockchain Product Unit

Published

on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coingenius.news/amazon-wants-a-leader-for-its-digital-currency-and-blockchain-product-unit-38/?utm_source=rss&utm_medium=rss&utm_campaign=amazon-wants-a-leader-for-its-digital-currency-and-blockchain-product-unit-38

Continue Reading

AI

Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

Published

on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coingenius.news/fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24/?utm_source=rss&utm_medium=rss&utm_campaign=fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24

Continue Reading

AI

Locked Out of Millions: Couple Can’t Access $5.8M Worth of Ethereum

Published

on

Yuki and Art Williams, who purchased 3,000 Ethereum coins back in 2014, can not open their crypto wallet. The family claims that the essential JSON file was never downloaded, and thus they don’t have access to their $5.8 million.

In Search for Help

According to the American media 7news, the Washington DC family Yuki and Art Williams possess 3,000 ETH coins in their crypto wallet. Unfortunately, the wife and husband can only see them and not access the assets. The couple insisted that when they bought the assets in 2014, the JSON file was never downloaded. Art Williams said:

“The instructions were to leave your computer on for an hour and a half and as the progression bar showed it populating the JSON file would appear. Unfortunately for us, it did not appear.”

Calculated in today’s prices, the wallet contains $5.8 million. Mr. Williams told 7news that the Ethereum Foundation promised him to solve the issue and send him a backup JSON file. However, the family is still waiting.

In another attempt to access their funds, the couple e-mailed the Foundation based in Switzerland and showed them proof of purchase and screenshots of the problem. 7news also tried to reach out to the Ethereum Foundation but received no comment.

The last move that the family is yet to make is to hire a law firm that would open a case in court in Switzerland. The attorneys would demand that the Ethereum Foundation grant a JSON file to the desperate couple during the process.


ADVERTISEMENT

“Devastating, to say the least. Obviously, that’s life-changing money,” added Mr. Williams.

The Man Who Lost Access to 7,002 BTC

Investing in cryptocurrencies is not risky only because of the volatile nature of the assets. Apart from that, investors need to save and protect their private keys. In case someone loses their private keys, that could lead to an irreversible disaster. Such is the case with Stefan Thomas and his bitcoins worth more than $223 million.

As CryptoPotato reported earlier in the year, the resident of San Francisco produced an educational video called “What is Bitcoin?” for another crypto fan and received 7,002 bitcoins for his services.

However, Thomas didn’t pay much attention to his new holdings as they had a little-to-no value at the time, and he lost the digital keys to the wallet. In the following years, though, BTC’s price exploded, and now the 7,002 coins are worth around $223 million.

The wallet called IronKey allows users ten attempts to guess the password. So far, Thomas has tried eight times to access the funds, but they were all unsuccessful. If he fails ten times, the wallet will be encrypted forever.

“I would just lay in bed and think about it. Then, I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again,” the man revealed.

To avoid any of the above, it’s highly recommended that you take crypto security seriously and make sure to always follow these tips.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coingenius.news/locked-out-of-millions-couple-cant-access-5-8m-worth-of-ethereum-17/?utm_source=rss&utm_medium=rss&utm_campaign=locked-out-of-millions-couple-cant-access-5-8m-worth-of-ethereum-17

Continue Reading
Fintech1 hour ago

Elon Musk discusses merits of Bitcoin, reveals Space X holds BTC

AI4 hours ago

What is the Freedom Phone and Should You Buy It?

Esports4 hours ago

How to unlock Pokémon in Pokémon UNITE, all Unite License costs

Cleantech5 hours ago

Do Electric Vehicles Pollute As Much As Gas-Powered Ones?

Esports5 hours ago

Los Angeles Thieves stun OpTic Chicago, complete reverse sweep to cap Stage V group play

Esports6 hours ago

Best Greninja build in Pokémon UNITE

Big Data6 hours ago

Robinhood CEO says he is considering offering U.S. retirement accounts

Cleantech6 hours ago

Line 3 Oil Spilled Into The Willow River — Indigenous Water Protectors Need Our Help

Crowdfunding6 hours ago

Payments Fintech Banking Circle Chooses European Firm SIA to Provide Instant Payments

Cleantech6 hours ago

California Commits $10M To e-Bike Purchase Assistance, Other e-Bike Adoption Programs

Esports6 hours ago

Immortals introduce Evil Geniuses to the “League of Draven” with victory in week 8 of 2021 LCS Summer Split

AI7 hours ago

Nigeria to Launch a Pilot for Its CBDC in October

AI7 hours ago

Amazon Wants a Leader For Its Digital Currency and Blockchain Product Unit

AI7 hours ago

Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

AI7 hours ago

Locked Out of Millions: Couple Can’t Access $5.8M Worth of Ethereum

AI7 hours ago

Blockchain Startups Raised over $4 Billion in VC Funding in Q2 2021

Esports7 hours ago

Minnesota RØKKR finish Stage 5 group play with dominant win over Florida Mutineers

Cleantech7 hours ago

We Cannot Short-Change Transit—Not Now

Crowdfunding7 hours ago

Cross-Border Payments Fintech Thunes Acquires Limonitek, a European Payment Service Platform

Esports7 hours ago

TSM defeat Golden Guardians in first fully online LCS game since April

Esports8 hours ago

World of Warcraft Burning Crusade Classic Arena Tournament scores and results

CNBC8 hours ago

WhatsApp says NSO spyware was used to attack officials working for US allies

Esports8 hours ago

Vivo Keyd wins second season of Brazilian Free Fire League (LBFF) 2021

Aviation8 hours ago

American Airlines set to operate two new routes from Miami

Esports8 hours ago

Who won Minecraft Championships (MCC) 15? | Final Standings and Scores

Esports8 hours ago

Best Garchomp build in Pokémon UNITE

Gaming8 hours ago

Coreupt for PC & Next-Gen Consoles Gets New Images Showing its Fighters; New Trailer Teased

Cleantech8 hours ago

How Tesla Can Massively Improve The Repair & Service Experience, Avoid Insane Repair Quotes

Esports8 hours ago

Elden Ring System Requirements: Can You Play It?

Esports8 hours ago

Pokémon GO Ultra Unlock Part 1 Research Task Rewards: Full List

Trending