Genesis Mining Shows Faith in EOS by Becoming a Block Producer

Francisco Memoria
  • 22 Jun 2018
  • /
  • In #EOS
  • Cloud mining company Genesis Mining has recently become one of the 21 EOS block producers.
  • The company applied last month, revealing a venture called EOSGen.

Genesis Mining, the world’s largest cryptocurrency cloud mining company, recently became one of the 21 EOS Block Producers (BPs), according to blockchain data, after applying for it last month through a post on its website.

The company’s application notes that Genesis Mining was founded in late 2013, and that it now has over 2 million users and over 50 team members. Its EOS mining venture, dubbed EOSGen, is reportedly part of a move that’s set to help tackle inequality. The company’s post reads:

We want to contribute to the increasing individual sovereignty of EOS and it’s users while decreasing the social inequality (globally and locally) by tapping the economic, technological, and social potential of EOS and its decentralized, borderless, and efficient nature.

Genesis Mining

EOSGen reportedly contributes to the cryptocurrency’s network by “providing and running the nodes required for the ecosystem to exist and thrive.” Its goal, per Genesis Mining, is to “provide people with the means via the technological backbone, so they can participate in the EOS and blockchain community.”

While the company cautiously revealed it won’t disclose too much about its datacenters, it did detail the location and operations in its Enigma Datacenter, located in Iceland, and its Thor Datacenter, located in Sweden. It touted their security and connectivity.

Notably, Genesis Mining’s Block Producer roadmap and its stance on dividends haven’t yet been defined. The cloud mining company has been prominent in the crypto space, as during the Consensus 2018 conference it launched a #BitcoinAwareness campaign targeting billionaire investor and bitcoin bear Warren Buffet.

Also read: Genesis Mining on Future of Crypto Mining, Green Energy and Why Blockchain Isn’t for Al

Earlier this year, the company was targeted by regulators, as South Carolina’s Securities Commissioner department deemed its cloud mining contracts unregistered securities, which saw it hit Genesis Mining with a cease and desist.

Hacker Leverages EOS REX to Steal More than $110,000 in Crypto

Michael LaVere
  • Hacker has exploited a bug in gambling app EOSPlay to steal more than $110K in crypto.
  • Scam artist is using EOS REX to leverage CPU resources and flood the EOSIO network. 

A hacker was able to exploit a bug on EOSPlay in order to steal more than $110,000 in cryptocurrency.

Gambling App Manipulation

According to a report by CryptoSlate on Sept. 14, a hacker spent $1,000 in EOS in order to steal more than $110,000 in crypto by leveraging an exploit in the EOS-based gambling application EOSPlay. The scam involved the use of the largest EOS decentralized financial platform EOS REX, which lends crypto in exchange for additional CPU usage on the network's blockchain. 

The report explains the hacker used REX to ensure that blocks were continuously filled with their transactions, thereby allowing them to win every roll on the gambling app.

In addition to exploiting the gambling platform, the report says the flood of =transactions have essentially frozen network function and made EOSIO “unusable.”

Due to leveraging CPU resources through REX, the hacker has crowded out others from participating on the network. Twitter account eosioAlabama described how the hacker could have manipulated the dice roll outcomes, 

The billing rate dynamically increases for CPU and everyone basically gets locked out unless they have more eos staked than the attacker. The attacker had about 1 million eos staked to cpu from Rex in this case

Other EOS users have taken to Twitter with the troubling news that the hacker’s impact may be expanding beyond REX and EOSPlay.

Featured Image Credit: Photo via Pixabay.com