Recover Archives -
The stock market’s huge rally on Wednesday lifted multiple industries after the relatively unsurprising midterm election results reassured investors. Big-name technology, consumer and healthcare companies soared as the S&P 500 index closed at its highest level in four weeks.
The S&P 500 climbed…
President Trump has a prediction, and it’s none too kind: Sen. Lisa Murkowski of Alaska “will never recover” politically for voting against Brett Kavanaugh, he tells the Washington Post . “I think the people from Alaska will never forgive her for what she did.” But he also calls her “lucky” because…
Amid the chaos after Lehman Bros.’ collapse, the big banks got hundreds of billions of dollars in bailouts. Aggressive stimulus efforts injected trillions of dollars more into the financial markets and the economy. But there were no big bailouts for average Americans.
L.A. Times – Business
South Korean exchange Coinrail has resumed service after it was hacked last month. The exchange has offered users some options to recover their cryptocurrencies. Eleven cryptos were stolen, some of which have been fully recovered and are now available for trading and withdrawals. However, some coins were not recovered.
Coinrail reported that it was hacked on June 10 with an estimated damage of about 45 billion won (~US$ 40 million). The exchange suspended trading after the hack as it tried to recover lost coins. Coinrail resumed service on July 15, announcing:
We have completely revamped the existing security system that exposed the vulnerability, and have upgraded the overall security level.
The cause of the hack was not disclosed by the exchange when it resumed trading, Sedaily noted. “KISA [The Korea Internet & Security Agency] is in the process of finalizing the investigation, but it is still being analyzed, and details of the incident cannot be disclosed,” the news outlet quoted a KISA official saying. Coinrail claims that its new security system “complies with KISA security guidelines.”
11 Cryptocurrencies Affected
A total of eleven cryptocurrencies were stolen, Coinrail revealed. They are dent (DENT), tradove b2bcoin (BBC), ether (ETH), jibrel network (JNT), bitcoin (BTC), kyber network (KNC), storm (STORM), tron (TRX), pundi x (NPXS), aston (ATX), and nper (NPER).
Funds in DENT, BBC, and ETH have been fully recovered; customers can start trading and withdrawing them. “Recovery [is] in progress” for JNT, the exchange detailed.
The remaining seven cryptocurrencies have not been fully recovered, including BTC.
Cryptocurrencies that are not stolen or in the recovery process “can be immediately withdrawn and traded,” the exchange clarified, adding:
The amount of cryptocurrencies that have not been recovered cannot be withdrawn or exchanged until the recovery is complete.
The exchange has come up with two recovery plans for the coins that have not been recovered. However, these plans have been criticized as being inadequate.
The first plan is for the exchange to purchase cryptocurrencies directly to recover damages. Coinrail says it will “pay back the unrecovered cryptocurrencies by gradually purchasing the cryptocurrencies with the profit from the service operation.”
The second is for Coinrail to issue its own RAIL tokens to affected customers. “Unrecovered cryptocurrencies can be exchanged at a rate of ‘1 RAIL = 0.72 KRW,’” the exchange noted. However, the price of RAIL “fell about 72.2 percent in about half a day [to 0.2 KRW] after Coinrail officially resumed trading at 8 pm on the 15th,” Sedaily described.
What do you think of Coinrail’s plan to compensate customers? Let us know in the comments section below.
Images courtesy of Shutterstock and Coinrail.
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PR: Titanic Explorer Joins PO8 – a Bahamian Company Using Blockchain to Recover Underwater ArtifactsJuly 7, 2018 | dailybusinessnews
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Freeport, Grand Bahama – David Gallo, one of the most respected Oceanographers in the world has joined PO8, a marine archaeology start-up company in The Bahamas utilizing blockchain technology to unearth billions-worth of sunken artifacts and treasures from Bahamian waters dating back to the Spanish Galleon treasure ships of the Spanish Empire.
With the use of blockchain, PO8 will bring full transparency to all stakeholders including the government of The Commonwealth of The Bahamas, which for the last 18 years has held a moratorium over its territorial waters preventing underwater expeditions due to years of looting, corruption and lack of oversight.
Gallo, a 30-year veteran in Oceanography and formerly the Director of Special Projects at Woods Hole Oceanographic Institution in Massachusetts, will take on the role of Vice President for Exploration at PO8. His illustrious career includes serving as the co-expedition leader to create the first detailed and comprehensive map of the RMS Titanic and the successful international effort to locate the wreck site of Air France flight 447.
For Gallo, the idea of using blockchain for ocean exploration and re-defining ownership of recovered artifacts, is a turning point for the industry. “To me PO8 is the most exciting project to come along in decades,” says Gallo. “It encourages the development of new technologies and techniques for undersea exploration and visualization. In doing so PO8 will accelerate the ability to locate, document, and protect the precious artifacts of Bahamian undersea cultural resources. The waters surrounding the islands of The Bahamas are not only rich with shipwrecks but also
with unlimited treasures of the mind.”
Divisions between the marine archeology community and commercial salvage companies often hinder new exploration attempts, which can result in the loss of the artifacts to slow deterioration. For this reason, PO8’s Co-founder and CEO, Matthew Arnett believes bringing on industry veterans like Gallo, who recognizes the importance artifact recovery without affecting the archeological composition of shipwreck sites is paramount. “We’re thrilled to have Gallo join the core team. Gallo is an authority in the Oceanography field. He understands the importance of blockchain and the critical role it plays in innovation for our industry. It brings all stake holders together. Whether it’s transparent record keeping or changing the way artifacts are owned, blockchain provides tremendous benefits to our industry,” says Arnett.
One unique product PO8 is introducing is the Non Fungible Token or NFT and it’s PAZAR Marketplace. NFTs are created by using ERC-721 tokens on the Ethereum blockchain and represent digital ownership of physical assets like the underwater artifacts PO8 will be recovering. Each distinguishable NFT has a smart contract containing unique asset data cryptographically certified, confirming ownership of the physical asset. NFTs will allow for the the majority of PO8 artifacts to live on the blockchain and physically remain in the custody of the PO8 Foundation for continued studies by the archaeology community and to be exhibited in various museums worldwide, while the ownership of the asset can be from anyone around the the world. NFTs will be tradable on the PAZAR marketplace rolling out later in the year. PAZAR users will be able to buy, sell, auction, lease, trade and leverage their NFTs on the marketplace platform.
For the first exploratory mission, Gallo and the PO8 team has its eyes on a couple of target sites in The Bahamas. Without giving specific coordinates for security reasons, Arnett confirmed “We’ve already identified a couple of locations with cargo manifest records indicating the loads
are significant in value.”
PO8 is currently in the middle of a token sale, which is a form of crowdfunding for future expeditions by selling tokens. The practice is also commonly referred to as an Initial Coin Offering or ICO. PO8 is raising funds by selling utility tokens for future use of the PAZAR Marketplace. PO8 will be holding a Bahamas Independence Day special pre-sale promotion for it’s massive 100,000 plus community worldwide. To register for the token sale, visit https://tokensale.po8.io/.
Restrictions on certain countries apply.
About David Gallo
David Gallo is an American oceanographer. His PhD thesis focused on the subject of seafloor mapping with a wide-range of scientific tools. For nearly 30 years he was employed by the Woods Hole Oceanographic Institution in various positions, most recently Director of Special Projects. He was one of the first oceanographers to use a combination of manned submarines and robots to map the ocean world with unprecedented clarity and detail. He was a co-expedition leader during an expedition to create the first detailed and comprehensive map of the RMS Titanic and he co- led the successful international effort to locate the wreck site of Air France flight 447. He remains very active in undersea exploration, dedicated to education, and is an acclaimed international speaker.
PO8 is a blockchain ecosystem tokenizing the recovery and ownership of underwater artifacts and treasures. Utilizing ERC-721 tokens, also known as Non-Fungible Tokens (NFTs), PO8 provides a unique way to track and verify ownership of assets. PO8 is also creating a first of its kind curated digital commodity marketplace allowing for the transfer of distinguishable asset backed tokens separately within smart contracts. The real ownership of an asset is now determined by its NFT. For more information visit www.po8.io.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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U.S. stocks shrugged off early losses and wound up with a mixed finish Monday. Household goods companies took some of the worst losses as the Standard & Poor’s 500 index fell for the third time in four days.
The S&P 500 dropped as much as 22 points early in the day. Consumer products and packaged…
Eva Ascón is coming to terms with a gut-wrenching scenario: Her parents, brothers, sisters, six nieces and nephews and other relatives have been missing since Guatemala’s Fuego volcano erupted near their homes, and their survival looks unlikely.
CNN.com – RSS Channel – World
A sudden, violent eruption from Guatemala’s Fuego volcano spewed a fiery mix of ash, lava and gases so quickly that residents nearby had little time to evacuate.
CNN.com – RSS Channel – Regions – Americas