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Nano Launches a New Wallet: User Safety Compromised

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Nano
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Ever since the developers of Nano announced that the new wallet is soon to be released to the public, the community has been eagerly waiting for the new digital wallets to arrive.

The wallets were announced for release at the latest by June 24th, however, the team has been working hard on the new developments regarding the latest Android wallet, while also waiting for Apple to approve their application and allow iOS users to use the newly released wallet.

The team has gone forward with releasing the wallet a couple of days earlier around June 20th, however, problems with the new wallet appeared shortly after the wallet was released into the public.

Security Issues Strike: New Nano Wallet Not Safe

The team announced on June 18th with the release update on Medium that they will be releasing g their new Nano Android wallet during the following week, which happened only two days after the original update on Medium.

The team stated on this occasion that the wallet is to be open-source once released, also stating that they are waiting for Apple to review their app, adding that this is a common protocol of all crypto related applications, adding that they are hoping to have the wallet ready for iOS users as well.

Further, in their weekly update, the team has also stated that they have received numerous designs for the wallet interface as submitted by some community members, adding that once the wallet is released, the team Nano will work with the community to bring the smoothest and the sleekest, user-friendly interface.

However, the team now seems to have bigger problems than choosing a wallet design, since not long after the wallet was released and gone live, the team has reported serious security issues regarding their new digital wallet.

Upon the release of the new wallet into the public, Nano tweeted from their official Twitter account addressing their holders by stating that “anyone who generated a seed using the Android wallets immediately move your funds to another wallet, derived from another seed”.

The tweet began with capitalized “attention” at the beginning and at the end of the post, so Nano holders probably took it more than seriously as it was the case.

Although, the new NANO wallet should have bought some momentum to Nano coin, lifting up the spirits within the community and acquiring g the possibility to make safe and fast, while cheap peer-to-peer NANO payments with this wallet, it seems that the security issue found in the Android version of the wallet has burst that bubble.

Nano has already gone through a phase with security issues not that long ago when there was a hack attack targeting NANO coins on the exchange BitGrail, and now we have another case where this asset is showing signs of compromised security of its users and holders, which probably sank NANO for additional round of drops alongside with the newly established market trend of having the majority of assets trading in the red for the past couple of days.

Although the security of the newly arrived Android wallets was compromised, the community can still give kudos to Nano community as they have reacted in a proper manner while immediately announcing the flaw in the seed that has been discovered shortly after the live release of the wallet.

To confirm the assertiveness of the team NANO, the team has released an update regarding the security issues with the wallet seed, deeming the problem solved.

Nano Team Announces Fixed Wallet Security Bug

Around June 22nd, the team behind Nano has released an official update stating that the problem they have had with the security seed is now marked as fixed and solved.

The new Android version of the wallet is dubbed 1.0.2, and to reflect on the previously discovered problem with the seed, the tea has stated that the new wallet now uses Secure Random protocol in order to securely generate the wallet seed.

The team has shared a link to the pull request and the related code for Nano users, which means that there shouldn’t be any security-related issues with the wallet.

Nano (NANO) Performance

Not being able to bounce off outside the current market trend, Nano is seen dropping by -4.64% against the dollar, which means that NANO can now be traded at the price of 2.56$ per one unit.

Ranked as the 36th best currency, NANO had its record price of around 34$ set at the beginning of January, however, the crypto only went down in its price from that point on.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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