PwC Invests in Blockchain-as-a-Service Startup VeChain (VEN)

PricewaterhouseCoopers (PwC), the second-largest professional services firm in the world, which has around 236,000 employees and operates in 158 countries, today announced that its Hong Kong and Singapore subsidiaries "have each acquired a small ownership interest in VeChain", the blockchain-as-a-service company (incorporated in Singapore) that is focused on supply chain management, smart contracts, and financial services.

This is how the VeChain Foundation announced the news on Twitter by quoting part of the press release from PwC Hong Kong:

Raymund Chao,  PwC Asia Pacific and Greater China Chairman, made the following comment about this collaboration:

This is an important strategic collaboration to provide innovative professional services using blockchain technology... We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society,

Raymund Chao

Although VeChain (VEN) held a rebranding event on 28 February 2018 to change the name of its blockchain from "VeChain" to "VeChain Thor" (VET), most websites including major crypto exchanges such as Binance are still referring to this project by its old name. At the time, the company wrote on Reddit that they wanted  to have "a full revamp from a private blockchain to a qualified decentralized application platform servicing public applications, on a decentralized ledger, capable of evolving how the world defines business ecosystems."

The VeChainThor blockchain will have two tokens on it: VeChainToken (VET) and VeThor (VTHO). VTHO tokens are generated by holding VET tokens in a similar manner to how GAS tokens are generated by holding NEO tokens. When the Mainnet launches on 30 June 2018, VEN tokens wil be converted to VET tokens on a 1:1 basis.

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IOTA Foundation Pauses Network After $1.6 Million Iota Were Reportedly Stolen

The IOTA Foundation, the non-profit organization behind the IOTA network, has turned off the Coordinator node that it controls and is responsible for validating individual transactions on it, amid reports $1.6 million worth of IOTA were stolen.

The Germany-based organization has announced it turned off the Coordinator node amid an ongoing investigation into the theft, which appears to be related to its Trinity wallet software. The Coordinator node was paused to ensure “no further theft can occur” until the root cause of the problem is found.

In a status page monitoring the IOTA network, the Foundation notes that “several cyber forensic experts have joined the investigation” and that cryptocurrency exchanges that responded to it reported no monitored funds have been transferred or cashed out.

The IOTA Foundation adds that so far most evidence “is pointing towards seed theft, cause still unknown and under investigation.” Users that identified with the IOTA Foundation all seemed to be using the Trinity wallet. While a bug in it appears to be the root cause of the problem, the organization noted other scenarios can’t yet be ruled out.

Users tracking the situation on social media noted that $1.6 million worth of IOTA were stolen before the network was put on hold.

Before detailing what’s been going on, the IOTA Foundation asked users to “not open or use Trinity on Desktop until further notice,” which seems to imply there was a vulnerability being exploited on the wallet.

Featured image via Pixabay.