UK Cryptocurrency Electroneum hit by Cyber Attack!

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British Cryptocurrency startup Electroneum was hit by a cyber attack that has shut down all its investor accounts for several days. The said digital currency which can be mined from smartphones was due to be launched last Thursday. But the operators have now decided to postpone the launch of the Electroneum’s website and mobile app until the end of this month due to the impact of the cyber attack.

Electroneum which received crowdfunding of $40 million or 30 million pounds as initial coin offering(ICO) was supposed to bring in a revolution in the world of crypto which is mostly dominated by Bitcoins.

But the Kent-based company was targeted by distributed denial of service attack last week, which has now made its owners to postpone the launch of mobile mining app for the end of this month or too early next.

Currently, all the 140,000 people accounts that hold tokens of Electroneum have been locked down. And probably the freeze of accounts will end by early next week or till the network is brought online safe by this weekend.

As the Bitcoin value against the dollar has surged up to $7,000 per coin, cryptocurrency enthusiasts are now interested in investing in other variants of digital currency.

Electroneum allows users to mine digital currency through smartphones and that too with only significant processing power.

Note 1- The Financial Conduct Authority has made it official that it doesn’t offer investor protection to most ICOs.

Note 2- From past few months, North Korea is showing a lot of interest in launching cyber attacks on cryptocurrency trading websites and miners. The reason, it wants to use the digital currency to fund the nuclear ambitions of Kim Jong UN.

So, North Korea’s cyber army could have launched the cyber attack on Electroneum.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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