Price Watch: Bitcoin, EOS, TRON, Ethereum Find Support

Published on by Cryptoslate | Published on

Cryptocurrency markets continue to find support near monthly lows.

EOS has a market cap of $9.43B with a 24 hour volume of $744.77M.Chart by CryptoCompare.

In an effort to protect a number of token holders robbed of their private keys, EOS' 21 block producers violated the EOS constitution and froze seven user accounts on June 18, 2018.

"EOS New York chose to enact this freeze because we believed that we were following the spirit of the governance system we as a community seek to create, despite it being formally absent. EOS is a platform meant to enable solutions which protect life, liberty, and property and that's what we believed we were doing through this emergency action."

The community's response to the block producer executive decision was mixed, with some supporting their intent to safeguard user accounts and others denouncing the block producers for imposing on the EOS blockchain's immutability.

Cornell University Professor Predicts Massive Exchange Hack Due to EOS VulnerabilityA Cornell University computer science professor predicted that the way in which EOS handles security flaws will result in a large-scale exchange hack within the next year.

Associate Professor Emin Gün Sirer, notable for launching one of the first Proof of Work-based cryptocurrencies in 2002, made clear that the EOS network vulnerability will enable hackers to capture the hot wallet of an exchange, thereby accessing the EOS within and trade it for other tokens via downstream exchanges.

"Exchanges have not yet figured out that EOS's governance model does not mix well with other currencies. EOS folks will blame others, and they won't be entirely wrong."

Sirer's statements appear to be, in part, driven by a bug present within the EOS code that caused the EOS blockchain to suffer from a temporary halt directly after launch.

Users are advised to transfer their ERC20 TRX into a participating exchange by June 21 for the exchanges to process the token swap.