This week in GIN — 5th of April, 2019

Told you April was around the corner.

Coffee. So much coffee. Coffee is life, coffee is love. (Photo by Mike Kenneally on Unsplash)

GIN on LiveCoin

On the 2nd of April GIN trading went live on LiveCoin!

Established over 5 years ago in March of 2014, LiveCoin is a well established cryptocurrency exchange formed in the United Kingdom. Right at first glance, what’s exciting about LiveCoin for consumers is the ability for USD and EURO pairings, while also providing the ability for a FIAT Gateway to directly buy their favorite coins. What’s really exciting about LiveCoin is the volume and potential liquidity it provides. LiveCoin consistently boasts a daily trading volume above $10 mil USD, placing it right next to other well known exchanges you know like Gemini, Kucoin, Poloniex, and Liquid, ranking anywhere inside the Top 50–75, depending on the day. The opportunity a marketplace like this presents is a trading volume that is over x20 the size of GIN’s current trading locations.

Why LiveCoin makes sense today

LiveCoin brings several benefits to GIN in forms of notoriety, presence in the market, and the opportunity for substantial increase volume and liquidity for GIN. As many of you know, GIN was created without an ICO and ample funding bucket at its launch like many other projects in the ICO craze of 2017. This is one example of many where the Foundation will assist the coin in expanding the coins global presence.

The goal isn’t to just list GIN on one new marketplace in 2019 and be done with it. This is a step forward with much more to come.

GIN on a Hardware Wallet

As you will read below, a number of GIN holders lost GINcoins due to the troublesome wallet of another coin. In order to prevent incidents like this from happening again, we have accelerated our efforts in supporting a hardware wallet. More info to come next week, but things are looking good.

Regarding the security issue mentioned before…

On Altbet and our security announcement

On the 3rd of April, people on Windows started reporting losses of multiple coins including GIN, POLIS, SMART, 1X2, LRM, SNODE, MARCO, and probably others. The common link between all the hacked people was they had installed the latest version of the Altbet wallet, so obviously we announced a precautionary measure for all GIN holders to avoid installing that wallet.

In the light of these events we have participated in a common dev chat with developers from multiple coins trying to find out how the hack was possible. We would like to thank the Altbet devs for participating and answering questions when they could.

Facts we found out during the dev talks

  • The Github source of Altbet is not the full source of the wallet because some web components have been left out to avoid copying by other developers.
  • The Windows build of the Altbet wallet is not deterministic, meaning even if we can obtain the full source from the team (which they offered in the meantime) there would be no way to check whether it builds the exact same binary as the distributed one.
  • The Windows wallet was not built by the devs answering our questions, but by another Web dev that was not part of the discussion.
  • The binary was inspected and code that can recursively scan a directory for wallet.dat files was found very close to a web form that sends data to Altbet servers.

Draw your own conclusions from this, but for the moment our recommendation is still to not install the Altbet wallet. The Altbet devs that cooperated might not have been ill intended, but we think they should pursue the internal lead that was found and discuss with the "unnamed dev" that built that wallet, as from what it looks like, there are a lot of questions he should answer.

It’s important to mention that the GIN Platform is not affected by this in any way.

Coin updates

The latest coins added on the platform are:

Just wanted to share this photo we found. #donniedarko (Photo by TaiLi Samson on Unsplash)