On this episode of the Crypto Coin Show
A vulnerability in the Jaxx Bitcoin/Ethereum wallet leads to 400,000 worth of stolen funds.
Dubai International airport wants to use digital passports utilizing Blockchain technology and Localbitcoins introduces a new fee structure to their Bitcoin exchanging platform
https://www.youtube.com/watch?v=ae5unnDP1N4&t=


I’m Ashton Addison from EventChain.io and this is the Crypto Coin Show.
Where I decrypt the facts to keep you on track in the crypto world.

Last week a vulnerability was discovered in the Jaxx wallet that allows hackers to extract your 12 word mnemonic seed and restore your wallet remotely, essentially stealing all your funds. Anyone with 20 seconds of network access to your PC could steal your seed without Jaxx even running.

So far its known that $400,000 was stolen in btc, ether, etc, and zcash. It apparently affected the desktop version of Jaxx wallet only.

Jaxx is a hot wallet, which means it needs an internet connection to access and run properly, which always leaves funds vulnerable to theft. The JAXX CTO asks crypto users to not use the Jaxx wallet if they are uncomfortable with the amount of security.

Large amounts of funds should always be stored securely in a hardware wallet like the Trezor, or if you don’t have access to a hardware wallet right away a good alternative for storing Ether using MyEtherWallet.com

Next, Dubai is taken a step towards developing its new “10x policy”, attempting to digitize its public sector ensuring that public services are 10 years ahead of the rest of the world.

Using the trust framework of the Blockchain, digital passports will be one part of Dubai’s efforts to become the world’s first Blockchain city. In 2016 they launched the Global Blockchain council, then the Blockchain strategy initiative with the effort of having all government documents on a Blockchain by 2020. 38 partner Dubai government Entities will be interconnected through Blockchain tech.

Some believe that Dubai could set a precedent if their digital passports become popular. Would you like to see your passport digitized? I would be slightly concerned with my privacy even though you could expect some level of cryptography securing your personal information.

Finally, The over-the counter bitcoin exchange platform localbitcoins has changed their fee structure, citing the rising cost of Bitcoin transactions.


It used to be that customers were charged for withdrawing bitcoins, but not for depositing bitcoins. now, there are deposit fees for incoming transactions

The fee structure is more shared between the buyers and the sellers.

They’ve also changed their how the fee structure works to become dynamic based on how congested the Bitcoin network is at the transaction time. It’s going to have a higher fee when the network is congested to verify the transaction.

localbitcoins is saying on average the Bitcoin fees will be lower than they used to be.
I believe it’s more of a fair structure to spread the fees evenly between both buyers and sellers.

Have you ever used localbitcoins or a Bitcoin ATM? What do you think of the shared fee structure? Let me know in the comments section below.

This cryptocoin refresh is sponsored by EventChain.io Smart Ticketing platform, join our community and read our whitepaper for our upcoming ICO details. 

I’m Ashton Addison CEO of EventChain, and thanks for taking the time.

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Look out for next week’s video when I Decrypt the facts, to get you on track in the crypto world.