Newsflash: Newly-listed KuCoin VNX pair suffers DoS attack, OceanEX launches its exchange built on top of VeChainThor while Kin has a pleasant surprise for its holders
- Newly-listed KuCoin VNX pair suffers DoS attack
The trading pairs corresponding to the newly listed token VisionX (ticker VNX) are currently suffering from a Denial-of-Service attack via malicious trading practices, announced the KuCoin exchange.
The attack went forward by various accounts making hundreds of thousands of orders for one VNX token each, causing a backlog of trading activity which slowed the network down.
It was also noted that the price of recent orders (at 0.0001317) is nowhere within the bid-ask spread and a 10-15 minute delay in the updating of the recent orders was there, indicating that a trade order pileup is indeed happening.
Reddit user u/Zulfiqaar brought this issue to public attention and gave a suggestion why he thinks this is happening:
“As it happens to be, the token VNX is currently undergoing a trading competition, and a denial of service is a perfect tactic to cripple the competition by severely reducing the frequency at which others are able to place orders – as the funds are locked until it goes through 15 minutes later.”
He further concludes: “Not only does it [the attack] severely degrade the user experience, but also the delay in trade execution and fund arrival can result in losses to the user, but also it directly damaged KuCoins revenue stream – as any practice which prevents trading, prevents volume, and thus prevents your fee.”
- Kin ecosystem growing
Cryptocurrency Kin, created by the popular messaging app company Kik, has recently seen some growth.
Several new projects and applications that will support payments with the Kin currency came out/will come out in the near future.
Ten apps are already available on the Google Play/iOS with more than thirty apps are expected to debut in the coming weeks.
The following apps are currently live on Google Play: Reveald (dating), Kinguist (language learning), Nearby (networking), GoChallenge.me(social goals), AddMe (business networking), Find(travel networking), Vent (mental health) and Kinny (social tipping). Two apps are available so far on iOS so far: Blastchat (instant messaging) and Pause For (productivity).
The apps give come with the option to both earn and spend the Kin cryptocurrency. They are also developed as a direct result of a $3 million initiative made by the project to support developers who choose to build something for the Kin ecosystem.
- ICON circulating supply jumps 18% overnight
In what were likely the biggest news of the day, ICON saw its circulation supply jump first from 400 million to 443 million and later on to 473 million ICX, equating a total rise of 18%.
The increase went on without one word from the ICON team and left many members of the community dumbfounded.
It was later on revealed that the increase came from tokens being unfrozen and distributed to the project’s Foundation, community groups and strategic partners and team advisors and early contributors.
This release was predicted to happen in the projects whitepaper and one Reddit member half-joking, half-scolding commented on the event:
“The one part of the white paper that happened on time.”
You can check out a deeper insight into the matter written by one of our top contributors here.
- OceanEX launches its exchange built on top of VeChainThor
The “alpha test” version of OceanEX, crypto exchange and asset management platform built on the VeChainThor blockchain, has just been launched.
Come and join the OceanEx CryptoCup [Alpha Test] at 22:00 Nov 7th, 2018 (UTC+8)! Two contests are waiting for you to conquer! Don’t miss the chance to win up to 50M OCE! Detailed information please visit： https://t.co/cFvJEM49QX
— OceanEx Official (@OceanexOfficial) November 3, 2018
During what the project calls the OceanEx CryptoCup [Alpha Test] (which will take place at 22:00 Nov 7th, 2018 (UTC+8)) users will be able to explore the OceanEX’s trading functions and contribute suggestions and ideas to OceanEx Beta.
The users will also get a chance to compete with all other community members in the CryptoCup which will have a prize pool of 50 million OCE available.
During the CryptoCup there are two contests you can participate in and win big prizes: Flash Boys Trading Competition and Smart Investor Competition. You can check out the full details regarding these contests here.
