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Ethereum stolen following attack on escrow platform, Payfair

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The first cryptocurrency came into existence over a decade ago, the crypto industry has witnessed a remarkable growth ever since. However, along with the popularity of the industry, scams and hacks have also encountered a surge.

In a recent update about the same, a decentralized escrow platform, Payfair took its website down along with its Telegram channel following a hack attack on its Telegram channel. In a statement, the platform said,

“Yesterday, as a result of a hacker attack, a private key to our platform’s cold wallet was compromised, and therefore the platform will be offline until the end of the week.”

Furthermore, it was also reported that the platform has incurred a loss of funds due to the attack, with Ethereum listed as the cryptocurrency that was stolen. The platform also notified that the hacker was able to attain access to one of its cold wallet’s private keys. The platform hasn’t released any further information with respect to the stolen Ether. The announcement continued,

“User funds (in particular, the entire PFR)  located on client and escrow accounts were transferred to the backup wallet and they are safe, but as a result of the attack, part of ETH was stolen (we are already looking for ways to solve this problem).”

John Pomelov, the Community Manager of Payfair, asserted that the platform would be offline till the end of the week, following an investigation of the hack. Additionally, PayFair assured it users that the funds would be returned over the weekend. He added,

“Also, all the information and regulation regarding the return of funds to users will be on the weekend. We apologize for the inconvenience and ask you not to worry. For all questions, you can contact to @JohnPomelov”

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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Ethereum

Ethereum Classic’s Agharta proposal moves closer to finalization

Namrata Shukla

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Ethereum Classic’s successful execution of Atlantis hard fork, led the way to Agharta, the second half of the Atlantis hard fork. Atlantis contributed to enhancing ETH compatibility; however, Agharta will host aspects of Constantinople protocol to make it fully compatible with Ethereum. ETC announced that the core developers will sit down to discuss the ECIP-1056 Agharta Finalization.

The agenda of the meeting has been divided into three parts- Quick client teams check-in, Agharta [ECIP-1056] is in “last call” state, and discussing the timeline for the protocol upgrade. The finalization will reveal the status of ECIP 1056, which still awaits acceptance and will also provide the block number for mainnet. The tweet read:

“The focus of the #Agharta (ECIP-1054) core development call will be to:

• Evaluate network testing
• Discuss upgrade timeline
• Agree on mainnet block number
• Move ECIP to “Accepted””

The Modern testnet has been scheduled for 13 November at block number 5_000_381, and it will be followed by the Mordor testnet on 20 November at block 5_000_381. The Kotti testnet has been scheduled for 11 December at block number 1_705_549, following which on 12 December the team will decide the block number for mainnet.

According to a blog post shared by the core of ETC, Agharta would consist of EIP 145-Bitwise Shifting Instruction, EIP 1014- Skinny Create2 opcode, and the final feature EIP 1052- EXTCODEHASH opcode. The rationale behind enabling the Constantinople and Petersburg network protocol was to upgrade the ETC network and to obtain maximum compatibility across these networks. The hard-fork has received support from  Multi-Geth, Parity, and Geth Classic client teams and will go live on 15 January 2020.

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