Jibrel Network: Saving JNT Tokens from Compromised Wallets

Today, the Jibrel tokens were released to become movable, but concerns arose of compromised wallets.

Jibrel Network was one of the rare and solid ICOs curated by Bitcoin Suisse, known for taking up projects like Tezos, Bancor, Status Network and others. However, the owners of Jibrel Network tokens expressed concerns about risky, compromised wallets. No actual JNT tokens were lost, since they were on lockdown and the team managed to plan moving them before the hackers could reach the asset. However, all other assets from compromised wallets were stolen.

The Jibrel Network JNT token was rolled out just today, and the team must have removed the tokens from wallets where users provided the private key.

Earlier this month, MyEtherWallet denied having its wallet hacked. However, there may be other reasons why a wallet has been compromised.

Last weekend, the Experty ICO, which is still in the main token sale phase, had troubles with a phishing attack that took away $150,000 worth of Ethereum from unawares backers. Bitcoin Suisse claimed its system and data were sound, but hackers managed to steal the mailing list of ICO backers from a compromised laptop belonging to one of the project reviewers.

The Jibrel Network ICO is prominently featuring Don Tapscott, the Canadian Bitcoin expert, among its advisors, a rare occurrence in the world of cryptocurrencies.

But not even the best ICOs are immune from troubles in a largely unregulated market, currently beset by hackers attempting to divert more valuable tokens.

Jibrel Network aims to bridge the gap between cryptocurrency and the traditional world of finance, by building smart contracts that could handle crypto-fiat, state-issued coins, or other forms of currencies.

The JNT token is still only traded on EtherDelta, the decentralized exchange fueled by smart contracts. The ICO completed at the end of last year, and now it may take months before the token proves its strength.

Recently, the jCash network was launched, a system that tokenizes real-world assets like currencies, but also bonds, or other securities, into the ERC-20 standard. For now, we can only be hopeful that the Jibrel Network tokens based on fiat are completely backed by currency, and do not create another instance of the Tether tokens.