CombiCoin Update
Dear CombiCoin owner,
We are excited to share that as we speak, Triaconta and CombiCoin have a new approved legal structure. This means that the discussions with the Dutch regulator AFM (Authority for the Financial Markets) have been concluded. It was necessary to make some adjustments in the legal structure which we will share with you in this email.
In this update the following things will be addressed:
AFM
CombiCoin sales are open
Tria Token update
Ask Me Anything with Don Molenaar
AFM
During our discussions with the AFM we extensively searched for ways to be able to acquire a license or find a way to fall outside any supervision. We’ve had many meetings with advisors, attorneys and the AFM itself. We researched applying for a licence and various other potential solutions such as: offshore structures, completely decentralised system, exemptions and other legal structures.
After concluding our research we have come to the conclusion that within the existing law structure on banking and financial institutions it is impossible for Triaconta (or any cryptocurrency based business for that matter) to acquire a license. The other options rendered either impossible, not a long-term solution or was a path that we did not want take (like offshore solutions).
Therefore we chose to create a new legal structure between CombiCoin and Triaconta that falls outside any regulatory supervision. We have presented this new legal structure to the AFM and they have officially notified us that this structure falls outside their supervision.
We believe our new legal structure is a long-term solution.
Since the new legal structure contains fundamental differences compared to the initial structure, we would like to make sure everyone is aware of the changes that are going to happen.
Although the practical changes are minor, the new structure might be difficult to understand. We summarized the major changes to make it easier to grasp for everyone.
New structure
In the new structure, CombiCoins are sold by the CombiCoin foundation. The funds that the CombiCoin Foundation receives are forwarded to Triaconta. Triaconta will invest this money in 31 cryptocurrencies (including CombiCoin). Once every two months, Triaconta will do a revision and rebalancing of all assets that it owns (the same procedure as mentioned in the CombiCoin whitepaper). Triaconta is interested in buying CombiCoins and will offer a bid price on its website.
Differences between old and new structure
The difference between the old and the new structure is that we are no longer allowed to say that 1 CombiCoin is 100% backed by the top 30 cryptocurrencies and that a CombiCoin gives you the rights to its assets or its valuation. We don’t see any reason that the bid price for CombiCoin will ever be determined in a different way than how it is determined now (based on the top 30 cryptocurrencies).
So what does it mean for me?
We will incorporate the new structure for all current CombiCoin holders at the 13th of April 2018. If you feel comfortable with the new structure you don’t have to do anything.
If you are not happy with the new legal structure you have until the 12th of April 2018 to opt out and sell your CombiCoins to Triaconta via . During the migration period, we will lower our fees to cost price, meaning 2% instead of the regular 3.5% fee.
CombiCoin sales are open
The new legal structure enables us to start selling CombiCoins again: The sales of CombiCoin are now open! You can buy CombiCoin via the Foundation. We accept EUR, USD, BTC and ETH payments.
TRIA Token update
The new legal structure barely has any effect on TRIA Token or its holders, in fact the new structure enables us to sell CombiCoins again and start moving forward as a company. During our last sales period (until the 6th of January 2018) the profit share exceeded even our wildest expectations and we see no reason why this would be different this time. We are charging our CombiCoin customers a 3.5% fee for buying CombiCoins.
Thank you all for your patience.
All the best,
Triaconta Team
Verge, a cryptocurrency that advocates “advanced privacy as a choice”, had its Twitter account hacked on Tuesday and its developer’s private details shared. The attacker then bragged about the feat to the account’s 265,000 followers and attempted to scam them out of verge (XVG) cryptocurrency. By the time the account had been restored, the price of XVG had dipped in value, and it remains 5% lower against BTC today.
Also read:
Verge Developer Sheds Some Privacy
Twitter account hijackings, while relatively uncommon, can happen to even the largest of accounts. They’ve happened to celebs, and in the crypto space they’ve happened to smaller players like Etherdelta and now Verge. When the XVG team regained access to their account, some hours after the hack, they instantly AT&T, implying that the network had allowed itself to be socially engineered and the account ported over via SIM swap. This would be less embarrassing than if it were to emerge, for instance, that the project lead had failed to use 2FA.
After the hack had occurred, the compromised Verge account sent out the following message:
It’s impossible to verify the claim that 1 billion XVG (or about 6% of the total supply) were stolen, though it seems unlikely. For one reason, if the account’s new owner was sitting on that much crypto, they’d have had no need to send out their next tweet, begging followers to send a little XVG to “receive more back”. The attacker seems to have just been having some fun in a community famed for its intolerance of negativity towards Verge.
Not FUD, Just News
XVG lead developer was the target of the hack, which led to his personal account, as well as the official Verge account, being compromised, and his photo ID published. The Verge family were quick to that the attacker acted because they had felt “threatened” by the altcoin’s ascendancy. They also blamed Twitter for the hack, in between , perhaps in jest, that verge was “the real bitcoin”.
While Verge’s Twitter account hasn’t had much luck with security, it’s fared better at developing a passionate and single-minded community. Once back in charge of its own account, Verge went on to retweet messages of support, which referred to “continuous attacks and FUD from those wanting to do harm to the coin”. In this case, the only harm seems to have been a loss of face for the lead developer, and perhaps a few XVG to anyone who was dumb enough to send money to the wallet address provided by the hacker. At least one community member shared the offending tweet in a Verge Telegram group, under the impression that the giveaway was real.
This particular incident hasn’t ended badly, assuming no coins were stolen and it was only a Twitter account that was temporarily taken. The case serves as a reminder, though, to everyone in crypto to use 2FA and be alert to signs of SIM swapping and other forms of social engineering.
Do you think the hacker was going for Verge specifically or just looking for an easy target? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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