TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Coinomi user loses $70K due to a security vulnerability. Samsung S10 will support Bitcoin, Ethereum and other tokens. Coinbase defends itself from criticism of acquiring Neutrino. Jamie Dimon talks about the use of JP Morgan Coin. Three countries host more than half of Bitcoin nodes, and Ginco won’t support Bitcoin SV due to illegal content being present in its blockchain.
Samsung S10 Will Support Ethereum, Bitcoin and Other Tokens
After releasing a vague statement about the S10 having cryptographic key storage features, Samsung has unveiled the true crypto capabilities of its new flagship line of phones. A Samsung spokesperson at the Mobile World Congress in Barcelona announced the device will feature support for Bitcoin, Ethereum, and also two more tokens. Enjin is the native token of the wallet that will be integrated on the device, and Cosmee is part of a beauty-related dApp.
Coinomi Wallet User Loses $70K Due in Security Vulnerability
— Warith Al Maawali (@warith2020) February 26, 2019
Warith Al Maawali reported in a post on BitcoinTalk he lost more than $70K of his life savings due to a Coinomi wallet vulnerability that sends passphrases and private keys of the users in plain text to a third party server. According to his findings, the software sends these unencrypted strings through a Google spellcheck server, making the user vulnerable to MITM (Man in the Middle) attacks. He also documented record of his attempts to fix this issue directly with the company CTO, to no avail, on a webpage he created called Avoid Coinomi.
Coinbase Answers to the Issue of Acquiring Neutrino
In a statement sent to The Block, Coinbase addressed the situation regarding their purchase of Neutrino, a startup whose key members were associated with Hacking Team, a company categorized as “Enemy of the Internet” by Reporters Without Borders. Coinbase declared that “Coinbase does not condone nor will it defend the actions of Hacking Team,” but “it was important… to fully control and protect our customers’ data and Neutrino’s technology was the best we encountered in the space to achieve this goal.”
Jamie Dimon Hints About the Future Uses of JP Morgan’s Cryptocurrency
Jamie Dimon, CEO of JP Morgan, hinted at the possible uses of their cryptocurrency in the future. During a Q&A session, the executive declared, “JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” after being asked about the issue. However, the only declared use case for JP Morgan Coin is for settling transactions and payments for international customers of the bank. JP Morgan is the first major bank to create and adopt its own cryptocurrency.
Three Countries Host 50%+ of Bitcoin Core Nodes
According to research by DataLight, more than half of active nodes on the Bitcoin network are concentrated in just three countries. The United States leads the pack with more than 2,000 nodes in its territory, Germany comes second, and France got the bronze medal. Interestingly China comes in at fifth place, while Korea is nowhere to be found, a strange thing given the importance cryptocurrencies have in that country.
Ginco Won’t Support Bitcoin SV Due to Illegal Content Controversy
Ginco, a multi-currency crypto wallet, has announced they will not offer support for Bitcoin SV due to recent issues it has been facing with illegal content uploaded on their blockchain. According to an announcement made on Zendesk webpage, Ginco stated “our legal team has reached to a conclusion that providing official support toward BSV may violate Japan’s law.” They will, however, offer users a splitting platform to manage their Bitcoin SV through another wallet.
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