Sirin Labs Informs Users of Hack of SRN Holder

Sirin Labs, the producer of a mobile phone with military-grade security, has announced on its Telegram channel that a major SRN token holder was hacked.

SRN is a token which was sold in an ICO to fund the development of a line of devices under the name FINNEY. The ICO raised ‎$157.8 million, making it the fourth largest ever at that time. At the moment, SRN has a market capitalisation of $44.2 million according to coinmarketcap.com.

More than 40 percent of SRN tokens are concentrated on Bittrex, a Las Vegas-based cryptocurrency exchange, according to Cryptovest.

Background

Sirin Labs is a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term company that developed a mobile phone with military-level security called Solarin. The phone retails at $14,000 in the US, and Leonardo DiCaprio was present at the product's launch. The phone is unique because it features a switch which encrypts all communications, and it comes with a concierge service which monitors the state of the device.

Tal Cohen, Sirin’s chief executive, told the Financial Times: “We look at the newest and the most advanced technology and incorporate [it] into a new phone. That costs a lot of money.”

In December 2017, Sirin Labs signed Lionel Messi as its brand ambassador. It did not disclose the price of the deal.

The FINNEY line of devices, which were announced in February 2018, will run on the Sirin operating system and come pre-integrated with ADA, the cryptocurrency of Cardano (a blockchain "developed from a scientific philosophy"). They are powered by the Tangle, which is the network of a company called IOTA. The devices were developed in partnership with a Japanese company called Emurgo.

In March 2018, it was reported that Chinese giant Huawei was in negotiations with Sirin Labs to license the latter's operating system, which is designed to support blockchain applications such as a Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term (or offline) cryptocurrency wallets and secure exchange access.

Hack

Sirin Labs wrote to subscribers to its Telegram channel: “A large SRN token holder just informed us that his wallet was hacked, which might explain the issues surrounding the token. Please ensure you're taking all necessary precautions to protect your wallets.”

The hack has so far not been widely discussed as yet, according to the report.