Sirin Labs, the producer of a mobile phone with military-grade security, has announced on its Telegram channel that a major SRN token holder was hacked.

SRN is a token which was sold in an ICO to fund the development of a line of devices under the name FINNEY.  The ICO raised ‎$157.8 million, making it the fourth largest ever at that time. At the moment, SRN has a market capitalisation of $44.2 million according to coinmarketcap.com.

Time to buy the dip?

More than 40 percent of SRN tokens are concentrated on Bittrex, a Las Vegas-based cryptocurrency exchange, according to Cryptovest.

Background

Sirin Labs is a blockchain company that developed a mobile phone with military-level security called Solarin. The phone retails at $14,000 in the US and Leonardo DiCaprio was present at the product’s launch. The phone is unique because it features a switch which encrypts all communications, and it comes with a concierge service which monitors the state of the device.

Tal Cohen, Sirin’s chief executive, told the Financial Times: “We look at the newest and the most advanced technology and incorporate [it] into a new phone. That costs a lot of money.”

In December 2017, Sirin Labs signed Lionel Messi as its brand ambassador. It did not disclose the price of the deal.

The FINNEY line of devices, which were announced in February 2018, will run on the Sirin operating system and come pre-integrated with ADA, the cryptocurrency of Cardano (a blockchain “developed from a scientific philosophy”). They are powered by the Tangle, which is the network of a company called IOTA. The devices were developed in partnership with a Japanese company called Emurgo.

In March 2018, it was reported that Chinese giant Huawei was in negotiations with Sirin Labs to license the latter’s operating system, which is designed to support blockchain applications such as a cold storage (or offline) cryptocurrency wallets and secure exchange access.

Hack 

Sirin Labs wrote to subscribers to its Telegram channel: “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.”

The hack has so far not been not been widely discussed as yet, according to the report.

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source: https://www.financemagnates.com/cryptocurrency/news/sirin-labs-informs-users-hack-srn-holder/