How RedFOX Labs Defeats Network Intruders
Go anywhere on the blockchain, and you’ll find someone trying to steal your crypto.
There I was, quietly minding my own business in the RedFox Labs Telegram channel.
Ding. A notification. Who could that be?
Well, it’s none other than the man himself, phony Bitcoin Benny. Hmm… now, why would the CEO and co-founder of RedFOX send me a private message?
No particular reason. Just checking in on little old me to see if there’s any way he can be of assistance. Because, you know, project CEOs have ample time to initiate random chats with thousands of members.
Now, crypto newbies do get swindled now and then, but anyone sensible enough to read between the lines can see right through this type of scam.
Red flags fly and alarm bells ring when you see these indicators:
- Chat admin messages you before you message them
- Username and Bio don’t match that of the real admin
- Broken English
- Asks probing questions about your crypto holdings or project investments
- Guarantees of sky-high returns — 11% weekly in this case
Yeah, sure, “mate,” everything is on the up and up here!
Unfortunately, personal attacks are but one of many angles scammers use to steal funds from the blockchain.
Overall thievery in the crypto space racks up mind-boggling numbers. Between exit scams, exchange hacks, and infrastructure intrusions, cyberthieves absconded with $356M in Q1 of 2019 alone.
The blockchain industry hemorrhages an average of $100M of crypto per month — which means hackers are on pace to siphon $1.2B this year. Those are some heavy bags!
While RedFOX can’t feasibly protect every member of their growing community, they’re taking utmost precaution with ensuring their blockchain is immune to bad actors.
Now, one of the blockchain industry’s most dangerous attacks is of the 51% variety — where bad actors commandeer a blockchain network by temporarily controlling the majority of its computational power.
And in case you’re unfamiliar with how 51% attacks play out — and how RedFOX is using ready-made tech from Komodo Platform to prevent them — here’s an article to get you up to speed:
But today’s article isn’t necessarily about how; it’s more about why RedFOX Labs chose Komodo’s delayed Proof of Work (dPoW) to keep their chain under lock and private key.
However, before we continue, I’d like to be upfront with you:
Disclaimer: This is not investment or financial advice. Information within this article is primarily speculative opinion, and for entertainment purposes only.
Always conduct your own research before involving yourself with any project — in or out of cryptoland. The author holds RedFOX Labs’ $RFOX & Komodo Platform’s $KMD cryptocurrencies.