At a period when the cryptocurrency craze is hitting unprecedented heights buoyed by the massive demand for BTC, cybercriminals are becoming increasingly complicated to tame and deal with. From data breaches to more sophisticated strategies such as DDoS attacks and monetized data access exploiting advanced ransomware, they are practically mutating. They strive to stay ahead of security experts, analysts and agencies.
In 2017 alone, it was reported that over $300 million was lost in the industry with 33 cases reported in Japan and many others across the world. But just a day before the CTN token sale went live, a daring thief hacked into BlackWallet and went away with $400, 000 worth of stellar lumens. BlackWallet’s developer cautioned the wallet’s users, though over 670,000 tokens had been stolen.
How CryptoTrust Network Will Help Fight these Cruel and Costly Cryptocurrency Fraud Cases
CryptoTrust Network is a burgeoning platform poised to take on the raging bull of crypto fraud by the horns. In a bid to add an extra layer of security to the digital currency industry, CTN is striving to wade in and assist. It is dedicated to arming wallet developers, investors, merchants, debit card issuers and exchanges with tools which they’ll use to protect themselves.
Given the sudden popularity of cryptocurrencies and the rampant cases of tokens being stolen, the entrance of CTN is perfect. Those armed will be able to trace and blacklist risky transactions, especially those linked with fraudulent activities before.
CryptoTrust Network Isn’t Another Ill-Equipped Platform
It is powered by an analysis engine that works by integrates methods of data aggregation, analyzed data breach reports, blockchain transaction info, and machine learning with CTN’s own algorithm. By doing so, it is then able to calculate wallet and transaction risk indicator vis-à-vis their own “CTN Trust Rating.”
Calculated data is then introduced into a variety of tools, micro-services, and APIs for crypto tech industry players, including wallet providers, debit card makers, exchanges, etc. In the end, each player will be able to make informed decisions regarding accepting specific types of tokens and cryptocurrencies based on their trust rating. Primarily, it will be perfect in uncovering crimes such as fraud, theft, phishing and other forms of crimes.
CryptoTrust Network CTN ICO Token Sale Details
The ICO started on January 22nd, 2018 and lasts a month, although it might come to a close if the hard is reached. A lot of the bounty program is available on the project’s website and the Whitepaper.
- Token symbol: CTN
- Token type: ERC-20 compliant
- Platform: Ethereum
- CTN Tokens per ETH: 1,000
- 1 CTN: $ 1
- Bonus: First 2,000,000 tokens sold come with a 20% bonus
- Soft cap: 500000 CTN
- Hard cap: 10,500,000 CTN
The Need for the CryptoTrust Network CTN ICO
Given that this whole idea is still on paper (conceptualized), the team behind the CryptoTrust Network decided to make token the sole payment option. The token will smoothly transition from “fundraising to functionality.” The token sale will, therefore, make it possible to get the system going and eventually help scale the services and develop the ecosystem.