Blockchain News 28.08.2018

Crypto exchange Huobi to acquire public firm in $77M deal

Cryptocurrency exchange Huobi plans to become the largest shareholder of a public firm listed in Hong Kong – a move that, if completed, could open the door for Huobi to go public via a reverse takeover. According to shareholding disclosures to the Hong Kong Stock Exchange, the public company is transferring more than 221 million of its ordinary shares to Li Lin, the chairman of Huobi Group, via several of the exchange’s subsidiaries.

Li is poised to be the ultimate owner of 73.73% of Pantronics as the largest substantial shareholder. The deal, if approved, could give Huobi the opportunity to take over a public company and thus enter the secondary financial market – a process known as a reverse takeover. A representative for Huobi said the crypto exchange is still waiting for confirmation and approval from the Hong Kong Stock Exchange.

Major Russian airline trials blockchain to track fuel payments

S7, one of the largest airlines in Russia, tested a blockchain-based application that tracks data and paperwork connected to the process for refueling planes. The airline said it trialed the application with its fuel supplier, Gazpromneft-Aero, and Alfa-Bank, Russia’s largest private bank, on a domestic flight based out of the Tolmachevo International Airport. S7’s deputy head for information technology said “This is an automated trading operation between three parties: a bank, an airline and a fuel supplier…”

According to S7, the application shares data about fuel demand on a shared ledger, a copy of which is managed by each of the three parties. Further, payments for the fuel can be conducted on the network, with digital invoices created via smart contract during each tranasction. The goal is to speed up transactions “without requiring advance payments and bank guarantees,” the airline said. It added that as the technology has eliminated “a number of manual operations,” the whole process took “60 seconds.”

Iran reveals national cryptocurrency as US sanctions loom

The theocratic dictatorship of Iran has revealed the details of its national cryptocurrency in response to United States-led economic sanctions. Iran’s future cryptocurrency is backed by Rial and developed on Linux Foundation-led open-source Hyperledger tech. In contrast to decentralized cryptocurrencies such as Bitcoin issued in compliance with a mathematical formula, Iran’s digital Rial is released based on the decision of their central bank, Iranian digital currency cannot be mined, and its transaction records can only be accessed on a private blockchain.

“The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed.” The system will be trialed as an interbank payment instrument in Phase 1, and local payment medium in Phase 2. Saeed Mahdiyoun, the deputy director of the Supreme Cyberspace Council, a government-affiliated agency overseeing the regulation of the Iranian digital currency draft said the effort is “to release Iran from the pressure of the Trump administration’s economic tactics.”

Brazilian crypto investment platform Atlas hacked, data of 264,000 users leaked

Brazilian cryptocurrency investment platform Atlas has been hacked. Although the company claims users’ funds are safe, the personal information of over 264,000 of its customers has been leaked. Acknowledging the incident, Atlas issued a statement revealing it’s going to launch an investigation into the incident while working with the proper authorities. It added that although hackers managed to leak user data, no funds were stolen.

Atlas further noted the company would be adopting new security measures & that it was monitoring affected accounts. According to reports, for “security reasons” account withdrawals are currently restricted.

Blockchain News 28.08.2018

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