Sirin Labs Mobile Phone Finney (SRN Token) Holder Gets Wallet Hacked

SRN is a token which was successful in its ICO where it was able to raise well over $157 million, making it the fourth largest ever at that point in time. According to Coinmarketcap, SRN currently holds a market capitalization of $44.2 million.

Sirin Labs is a blockchain firm that deployed a mobile phone with military security known as Solarin. The phone, which has very high security features, is priced at $14,000 in the United States. It has exceptional appliances which include a switch that encrypts all communication. This comes with a concierge that monitors supervises the condition of the gadget at any given time.

The manufacturer of the phone, Sirin Labs, announced through its Telegram channel that a key SRN token holder has been hacked. Over forty percent of SRN tokens are concerted on Bittrex, a cryptocurrency exchange based in Las Vegas.

Background

According to Tal Cohen, Sirin’s chief executive, the company is looking for the latest and the most sophisticated technology and integrate it into a new hand set. Realizing this is quite expensive. The company signed Lionel Messi as its brand ambassador in December last year, though the cost of the entire deal was not made public.

According to an announcement which was made in February 2018, the FINNEY line of services has been granted the opportunity to run the Sirin operating system, which comes with pre-integrated cryptocurrency of Cardano (ADA). The system is powered by the Tangle which is an ecosystem of a firm known as IOTA. Its devices were built in collaboration with Emurgo, a firm based in Japan.

The Chinese giant Huawei is reported to have entered into consultations with Sirin Labs earlier in 2018 for the sake of seeking to license its operating system. Sirin Labs is designed in such a way that it is able to support blockchain operations  like offline cold storage of cryptocurrency wallets and ensure the safety of access to exchange.

The Hack

The company notified its users through its Telegram channel that a major SRN holder informed them that his wallet had been hacked. This is a clear indication of some of the issues which are surrounding the token. Sirin Labs further cautioned its users to take all the necessary safety measures to safeguard their wallets.

History Of Sirin Labs

Founded in 2014, the company launched the highly secure phone which boasted of a two-factor authentication with encrypt calls and messages. This project, initially called Sirin Labs Solarin, was enough of a success after it was able to pull in over $10 million in sales. As a matter of fact, the product was even got the endorsement of Leonardo DiCaprio and Tom Hardy.

Towards the end of 2017, its launch of an ICO in many ways gave it a new direction in its quest for relevance in the crypto industry. The company has in the recent past laid a lot of emphasis on bringing new technology to the masses. This has been made possible on the basis of focusing on affordable devices, secure cryptocurrency transactions and a privacy-aware operating system.

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