Sirin Labs (SRN), one of the most promising projects aiming to create a crypto-enabled smartphone, has had a bout of ill luck. A recent report showed one large user wallet has been hacked and emptied, and the nature of the hack remains unknown.
“A large SRN token holder just informed us that his wallet was hacked, which might explain the issues surrounding the token. Please ensure you're taking all necessary precautions to protect your wallets,” announced the project on its Telegram channel.
Even before the news, the price of the SRN digital asset was depressed. In the past seven days alone, the token slid a net 40%, to $0.18. In the past 24 hours alone, the asset lost 7% as the entire market went down.
Despite the recent listing on UpBit, the trading volumes are very low. It is unknown if the news have already affected the market. SRN is mostly traded on Bittrex, with more than 40% of volumes concentrated on the exchange.
So far, the hack has not been widely discussed. SRN is an ERC-20 token distributed over more than 15,000 addresses. It is unknown what kind of wallet was used, but MyEtherWallet is one possibility, and the ways to hack the wallet through phishing are numerous.
Sirin Labs is working on the FINNEY smartphone, with extra memory and cold storage for crypto assets. The security features of the device are still unknown, so the recent hacking may be unrelated to the smartphone.
For some, the current position of SRN looks promising, given the deep crash from peak prices above $3.62. But with the bear market continuing, the relatively low prices of SRN are capable of unraveling further, and relatively fast. Added to the price pressure is the high correlation with Bitcoin, which is still sliding and dragging along the SRN price.
This article appeared first on Cryptovest