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
When you think of holiday shopping, big retail days such as Black Friday and Cyber Monday likely jump to mind. But the normal holiday shopping calendar may get blown out of the water this year with the COVID-19 pandemic impacting…
Syracuse University Libraries’ Blackstone LaunchPad and Techstars is now accepting online applications for fall 2020 competitions. The universal application for the three competitions, with more than $25,000 in prizes, is for innovative or creative solutions to address problems or opportunities….
Amazon could be opening up smaller distribution centers in malls across America. The company is said to be in talks with Simon Property Group about utilizing empty department stores by turning them into distribution centers. Patrick Penfield is an assistant…
University College has partnered with Pathstream, an online digital skills provider, to offer four new continuing education non-credit certificate programs in collaboration with leading technology companies. The certificate programs are Facebook Digital Marketing, Asana Project Management, Salesforce Administrator Career Certificate…
Luxury department store Lord & Taylor and the company that owns both Men’s Warehouse and Jos. A. Bank have announced plans to file for Chapter 11 bankruptcy protection. The stores join a growing list of retailers that have made similar…
If you need help with your subscription, contact sunews@syr.edu.
