Unknown Hacker Siphons 2.9 Million EOS

About three days ago, the EOS Block Producer EOS42 released a telegram post announcing that a hacker successfully managed to transfer 2.09 million EOS. This is equivalent to $7.7 million from a hacked account due to a failed blacklist update.

Who’s to Blame?

This hack came a day after the EOS platform proposed a solution for a broken blacklist. The EOSIO network has a feature that allows Block Producers (BP) to blacklist accounts. As per the proposal; ‘21/21 producing BPs need to blacklist an account in order for the blacklist to function properly.’

Apparently a new EOS BP termed as ‘games.eos’ failed to update the blacklist for EOS mainnet accounts, and hence left the hacker an open door with a welcome mat. We spoke at length about the potential for EOS vulnerabilities, which are now coming to light.

The proposal adds

‘’The blacklist “loophole” essentially gives a single BP veto power over 15/21 DPOS consensus. In the most benign form, a Block Producer can neglect to update the blacklist on their producing node, resulting in one BPs mistake overriding a decision that was made by 15/21. In the most egregious form, any hacker could corrupt one BP by incentivising them with a reward for “failing” to update their blacklist.’’

Following this hack, Houbi, a major crypto exchange platform had its security team use blacklist data from EOS Core Arbitration Forum (ECAF) to detect asset pouring from EOS blacklisted accounts into Houbi accounts. The exchange platform froze the accounts together with all the assets related to those accounts.

In the proposal by EOS42, the team came up with a strategy to nullify keys of blacklisted accounts rather than providing a veto power to a single BP on the EOS mainnet. The strategy to nullify keys lets in an account to be stored and returned to its rightful proprietor and is way simpler compared to a damaged blacklist.

Based on ECAF orders several accounts that were hacked have been blacklisted.

EOS is a blockchain-based decentralized platform that operates on smart contracts. The crypto has lately been the talk of news. The coin is rated among the top 5 crypto performers against other major crypto coins such as Ethereum and Bitcoin Cash.

Other platforms such as Tapatalk are considering using the EOS blockchain, proving that this hack is just among the many setbacks available in the crypto industry.

Crypto is Coming!

Subscribe to our newsletter The Raven’s Dispatch!

Interested in more crypto content? Check out Tron (TRX) To Undergo A Hardfork in A Few Days and Will Socialism lead to mass crypto adoption

The top 15 ICOs in terms of funds raised….and ROI

The ICO craze of 2017 was just that…crazy. We saw projects raise tens of millions of dollars in seconds, sometimes hundreds of millions in under an hour. This year we saw the first Billion dollar raises come from EOS and Telegram. EOS did this before they even had a functioning product and ran their public ICO for over a year, while Telegram reached their goal mostly through private sales to accredited investors and institutions. Regardless of which method they chose, these companies want to get your money, and as investors the only thing that should matter is return on investment (ROI).

Below we can take a look at the top 15 biggest ICOs in terms of funds raised, the type of project they are and what ROI they have given investors up to this point.

visual from @ico_analytics. *Tezos price has been extremely volatile lately so ROI may differ.

From looking at this chart we can see that relative to smaller ICOs, large fundraising sums hasn’t necessarily correlated with great returns. Don’t get me wrong, even these ROIs make the risk/reward heavily weighted towards reward, you can only lose 100%, but make many multiples of that. That said, it will be interesting to see how these tokens and protocol coins hold up over time if the liquidity crunch continues in the crypto markets. Stay safe out there.

Interested in other cool crypto posts….check out Mining Wars: Bitmain vs Dragonmint and The Price of Bitcoin vs Cost of Mining.

Follow us on twitter @cryptoiscomin

Check out our Crypto Swag store on Teespring

A Look at Cryptocurrencies by % of Total Volume, Market Cap and Volatility

Here we take a look at Cryptocurrencies and see how they compare by percentage of total volume and market. As expected Bitcoin leads the way at 42.4% of the total cryptocurrency market followed by Ethereum at 17.8%. So much for the flippening amirite. After that we see the usual suspects, LTC, BCH, EOS, XRP,  in the single digits. Interesting to see Bitcoin dominance still above 40% when many predicted this would be the year other coins closed the gap, especially during the bear trend we’ve been in for most of 2018. Which coins can move up the ranks in the next 12 months? EOS launch has been a disaster so far. Can Litecoin keep its place as silver to Bitcoin’s gold?

Cryptocurrency Circulating Value


In terms of cryptocurrency volume traded on exchanges, Bitcoin dominates slightly less at 31%. This could be the result of lesser volume from mostly BTC focused exchanges like Bitfinex and Bitmex and altcoin exchanges like Binance launching more altcoin to fiat pairs. This could be a trend to keep an eye on for the rest of the year as regulation starts to pave the way for regulated exchanges and more fiat on-boarding services become available.

Cryptocurrency Daily Volume

Finally we take a look at the cryptocurrency volatility chart. This chart shows that volatility measured as a % of price over the course of the last 180 days courtesy of the crew at This bear trend is taking its toll but the volatility is also what makes crypto markets so different from traditional assets.

Cryptocurrency Volatility Chart

I wonder how many years til the crypto markets stabilise some…at least for large market cap coins.

Interested in other cool crypto posts….check out A look at Historical Crypto Corrections and The Top Secret Hedge Fund That Everyone Knows About.

Follow us on twitter @cryptoiscomin

Subscribe to our newsletter to get the coolest infographics and articles from the crypto world

Check out our Crypto Swag store on Teespring

The Raven’s Dispatch – The Week in Cryptocurrency – June 28, 2018

EOS Faces Constitutional Crisis over Frozen Accounts

It’s amazing how such a highly anticipated project, like EOS, can devolve into a state of chaos shortly after launching their mainnet. And now a “constitutional crisis”. That made me laugh pretty hard. Mainnet issues aside, the fact the very document that is supposed to guide and regulate Block Producers and the community in general has so many holes in it the Swiss would be proud. Many will attribute this to teething problems that will be overcome, and I tend to agree, but if the very document that is meant to provide a framework for the project is in question this early then no wonder the doubters are having their opinions validated! Let’s get this dispatch started.

The top 5 in terms of marketcap remains unchanged and all showed week to week declines.  The overall cryptocurrency market in the past week increased from $286bln to $244bln representing a 14% decrease in the past seven days. The bear market is here (I’ve been in denial) but every downtrend ends with an uptrend. So be patient, don’t do anything foolish and pray to the Crypto Gods.

Bitcoin: BTC dropped below that February support of $6,000 and everyone on twitter flipped out. Bitcoin is currently sitting at the $6100 range resulting in a 9% drop week to week. Since the All time Highs in December we’ve seen a spectacular drop in Bitcoin. Will the bleeding stop in 2018? We sure hope so.

Ethereum: Until altcoins de-couple from Bitcoin very few alt coins will show signs of life while BTC struggles. The same goes for ETH. ETH declined a hefty 18% over the past week settling at $437 as of this post. At this point buying the dip would seem like bad advice, especially for people who don’t day trade. Trying to catch a falling knife is also not recommended.

Ethereum Classic (ETC): Everybody loves a good hard fork. Right? Right? ETC is the result of a hardfork of the Ethereum blockchain. Why did this happen? A hack, of course. It began with the DAO, the Decentralized Autonomous Organization. Transactions and commands are made in the Ethereum system via smart contracts, computer programs that execute to perform a specific function. Transferring funds from one party to another requires a smart contract to execute the transfer.

$50 million was siphoned away by hackers. This was an issue with the DAO contract itself, not with Ethereum, but many people didn’t appreciate the distinction and Ethereum plummeted in value. The founders were faced with a very difficult decision, and a controversial one. A hard fork. Read the entire soap opera at our post “What is Ethereum Classic” to learn how one of the largest blockchain project forked into two chains.

ETC was not immune to the drop but showed a small pump midweek recovering somewhat. Posting a decline of 10% week over week and dropping from $17 to $15.30 as of this post. One thing I will add: This chain is heavily backed by Barry Silbert, who seems to have his hands in ERRRRYTHANG, so don’t count it out. It has long term investment locked in place and people in high placed backing it. Don’t count ETC out.


Check our Crypto Swag store on Teespring – Yessir you read correctly, we have a swag store with loads of cool crypto designs. Check it out, support us, and show the world that you love crypto as much as we do.

Best Investments From Cryptocurrency Hedge funds (Visual) – Check out the best investments from the most well known cryptocurrency hedge fund. Most common name is Zilliqa (ZIL) with most funds having a piece of the ICO and getting a 20x plus investment.

The Psychology of Bull and Bear Markets – For all the talk of adoption, new partnerships, government-issued cryptocurrencies, and ever-increasing mainstream media coverage of the cryptospace, the market is really an emotional beast that can tank at a moments notice.

ALL THE MONEY IN THE WORLD….looking at crypto compared to all money – Comparing the total Bitcoin, Ethereum, Litecoin, Ripple and Eos to other store’s of value. Helps to keep things in perspective.

A Potential Solution to 51% Attacks – Simply put, merged mining (also known as Auxiliary Proof-of-Work) is the process of mining two different cryptocurrencies at the same time. Some projects have opted to implement this mining process early on in an attempt to increase security as the network grows. As demonstrated by the recent 51% attacks, having substantial hashing power on a blockchain’s system is no joke.

EOS Tops Revised Chinese List Of Top Cryptocurrencies – Despite being omitted from the original list, published last month, EOS tops the most recent list, produced by the Chinese government, of the best cryptocurrencies.

Can Price Be Sustained By Store of Value Alone? – Ben Davenport shows some big flaws in the old argument that Bitcoin or other Cryptocurrencies must be used for transactions or have some other form of utility to sustain price. I’m looking at you Roger.

Bitcoin Price Vs Cost of Mining – Fundstrat, headed by Tom Lee credited with being one of the early pioneers in private equity, thinks the price of mining could act as support for the price of Bitcoin…here’s why … #btc #btfd #hodl

A beginners guide to bitcoin and blockchain (infographic) – There are still loads of people out there who don’t know jack about Bitcoin and Blockchain. Let’s change that, shall we?

Steve Wozniak Says Bitcoin Is Amazing And Blockchain Is A Bubble – Apple co-founder, Steve Wozniak, has said that he still hopes that Bitcoin can become a single global currency, but has also said that he sees very clear similarities between the dotcom bubble and the current state of the blockchain market.


EOS Faces Constitutional Crisis over Frozen Accounts – OH BOY. First a troubled mainnet launch, and now this? “Consensus by conference call” — that’s how one critic characterized the on-chain governance model employed by the nascent EOS network in the wake of several high profile incidents involving block producers.

CNBC’s Brian Kelly: Current Bear Trend ‘By No Means’ Funeral for Bitcoin – Not sure this is good or bad. I mean CNBC told you to buy Ripple at $2. The current bear market is not a funeral for Bitcoin (BTC) “whatsoever,” CEO of BKCM LLC investment firm Brian Kelly said on CNBC’s Fast Money segment June 22.

G20 Calls for Crypto Regulation Recommendations By July – The world’s economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency. Since when have politicians ever done ANYTHING by a determined date…Ever.

Akon is creating a futuristic city and cryptocurrency in Senegal – This.Is.Amazing….Sort of. Not really. $AKOIN! Rapper Akon is building a new futuristic ‘Crypto city,’ in Senegal, which will trade exclusively in his own digital cash currency called AKoin.

ETHEREMON World Cup Fan Art Contest – One of the greatest values of blockchain technologies is the ability to create a truly global world. Giving the community a chance to create a brand new World Cup themed Etheremon that will actually be released as a RARE mon into the actual game.

Has the Big Yuan Short Finally Arrived? – Yes not directly related to Crypto, but a relevant signal nontheless. Trade wars are brewing, Chinese stocks are tanking and investors are getting nervous about Chinese growth again.

– Porn users love using shitcoins, it seems. The pornography industry is often an early adopter of new tech. And so it has come to pass with the highly volatile world of cryptocurrency, the internet’s decentralized and encrypted electronic cash networks.

This Company Helps Bitcoin Millionaires Unleash Their Fortunes – You generally can’t pay bills or buy stocks with cryptocurrency, unless you exchange it and risk missing out on future upswings. A new lending platform called Salt offers a high-interest solution.

FBI Agent Reveals Bureau Has 130 Open Cases Related to Cryptocurrency – Here comes the man. The Federal Bureau of Investigation has 130 cases tied to cryptocurrencies, according to an agent speaking at a digital-asset industry conference in New York.

Bitmain Hash Rate Nearing Important 51% Mark – Bitmain will control us all. Bitmain has attained approximately 42 percent control of the Bitcoin network hashrate. This figure brings the company tantalizingly close to 51 percent mark where things could get interesting. Bitmain is the biggest manufacturer of BTC mining hardware, and they also own the largest Bitcoin mining pools in the market. #SoSad

We hope you enjoyed this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released! Also if you have any interesting news you would like to submit contact us at

Follow us on twitter @cryptoiscomin

Like us on Facebook

Visit our crypto swag store on Teespring

EOS Tops Revised Chinese List Of Top Cryptocurrencies

Despite being omitted from the original list, published last month, EOS tops the most recent list, produced by the Chinese government, of the best cryptocurrencies. EOS and Nebulas were missed off the original list, but now make the revised edition. A spokesperson said that the ranking algorithms had been changed a little, which not only saw the introduction of the two coins, but also saw some minor changes in ranking for some major cryptocurrencies. Bitcoin slipped from 13th to 17th in the list while Bitcoin Cash fell from 25th to 28th in the list.

Cryptocurrencies Ranked

The launch of the initial list came as a shock, as the Chinese government administered a blanket ban on all cryptocurrency and coins. Despite the ban, China was the first country to launch an official ranking list of digital currencies. The list ranked crypto according to innovation, technology, and application. Ethereum was ranked at number 1 with Bitcoin in 13th spot. There were some raised eyebrows as Bitcoin Core didn’t make the top 10 and Bitcoin Cash barely made the list of 28 at all.

The latest publication is the second monthly updated list. EOS topped the list this time around, again raising eyebrows, as the technology has been blighted by downtime and bugs since its mainnet launch at the beginning of the month. EOS introduction means that Ethereum dropped to second place.

Algorithm Tweaks

Although there were some minor tweaks to the actual ranking algorithms used, the same basic premise of the ranking remained the same, and every cryptocurrency on the list was ranked according to its innovation, technology, and application.

EOS Leads The Pack

China’s Center for Information Industry Development (CCID) said that EOS, despite only being live for a couple of weeks, scored a combined total of 161.5 in its ranking. Second placed Ethereum only achieved 138.4. In contrast, Bitcoin, which only managed to rank 17th this time around, scored 91.5.

Interested in other cool crypto posts….check out A look at Historical Crypto Corrections and The Top Secret Hedge Fund That Everyone Knows About.

Follow us on twitter @cryptoiscomin

Subscribe to our newsletter to get the coolest infographics and articles from the crypto world

Check out our Crypto Swag store on Teespring