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
It’s a frustration many can relate to. You’re on the go with your smartphone, juggling business and personal calls and texts, when you suddenly realize you’re low on power. No worries. Just dip into a friendly café with your charger…
Today, the New York-based retailer Barneys filed for Chapter 11 bankruptcy protection. In a statement, the high-end retailer said the filing will allow the company with the necessary tools “to conduct a sale process, review current leases and optimize operations.”…
It’s 2019, and the world continues its rapid transformation. The physical Earth itself is changing in a time defined by environmental disruption, while exponential advancements in high tech are happening throughout the world. As the planet and technology undergo these…
Feel like the back-to-school shopping ads are coming in earlier and earlier? You’re not alone. According to the National Retail Federation, families are expected to spend more than ever this year on school and college supplies, averaging nearly $700 for…
MedUX is one of six teams selected for the prestigious CNY Biotech Accelerator (CNYBAC) 2019 Medical Device Innovation Challenge (MDIC), an intensive six-month mentorship accelerator program that starts Aug. 1. MedUX was founded by Alec Gillinder and Quinn King ’20, both…
If you need help with your subscription, contact sunews@syr.edu.
