This week there was a sharp drop in the price of Bitcoin and other cryptocurrencies after Coinrail, the South Korean cryptocurrency exchange, was hacked.
Yuzhe (Richard) Tang is an assistant professor at Syracuse University’s College of Engineering and Computer Science.
Tang says:
“The CoinRail incidents and many earlier exchange service hacks (e.g. NiceHash, etc) are a reminder that the practice to delegate token storage to third-party exchange services is not secure. For safety, it is suggested that coin owners should keep their tokens in local and safer wallets, such as hardware wallet.
“What happens in the CoinRail incident is that coin owners delegate the storage of their tokens to the third-party CoinRail exchange services, and the services get hacked to disclose owners’ tokens. An attacker obtaining the tokens can effectively spend the coins, ‘signed’ by the token.
“In cryptocurrency, someone owns a coin because she has a secret token bound to the coin. This is like whoever has the door key to a house is thought to be the owner of the house. In cryptography terminology, these tokens are secret key in a public-key pair. The coin token should be placed in a safe place, just like the house owner should keep her key safe and sound.”
To request interviews or get more information:
Daryl Lovell
Media Relations Manager
Division of Communications and Marketing
T 315.443.1184 M 315.380.0206
dalovell@syr.edu | @DarylLovell
820 Comstock Avenue, Suite 308, Syracuse, NY 13244
news.syr.edu | syracuse.edu
Syracuse University
Blackstone LaunchPad at SU Libraries (LaunchPad) is currently accepting applications through Feb. 1 for the 2022 Atlantic Coast Conference (ACC) InVenture Prize. The ACC InVenture Prize is a televised student start-up pitch competition open to teams from the 15 colleges…
Kenneth “Kenny” Goodman ’70 knows what it takes to be successful in the business world and he has committed himself to ensuring that Syracuse University graduates are a step ahead and better prepared to compete in a fast-changing world. That’s…
The Martin J. Whitman School of Management’s H.H. Franklin Center for Supply Chain Management will host its annual Harry E. Salzberg Memorial Lecture Program Thursday, Oct. 21, from 2-5:30 p.m. in the Daniel and Gayle D’Aniello Building, home of the National Veterans…
Students learn best when they are able to apply their education directly to real-life projects and experiences. To further Whitman’s commitment to experiential learning, we are happy to announce the creation of the Whitman Challenge. The Whitman Challenge will be…
Syracuse University and Louisiana State University (LSU) have joined RECUR’s NFTU program to bring in their college sports moments and marks. In conjunction, RECUR also announced a key partnership with BrandR Group, a leading agency in group licensing programs with…
If you need help with your subscription, contact sunews@syr.edu.
