TenX will switch to fully mobile wallets, disabling the web app in a few weeks.
The TenX project which brings crypto spending to a proprietary card, functioned for a while with flaws in its web login. If a user email is known, a hacker could brute force the web app for TenX, while bypassing the login time limit, experts believe. The fault was discovered in the bounty hunting program for the startup.
But luckily, the TenX project plans to switch to fully mobile wallet development, and will only support the current login system for withdrawals until March 12.
#TenX user announcement regarding webapp. We are focusing now on the mobile apps. pic.twitter.com/UbUL86PMoY
— TenX (@tenxwallet) February 23, 2018
Unfortunately, enthusiasm for the TenX project sank to new lows. The cards were just unrolling and starting to get real-life usage, when WaveCrest disabled the intermediary service that connects the crypto project to VISA.
The market price has fallen sharply after the trouble with the cards began, and has slid more gradually ever since. The PAY token has lost 90% of its value against Bitcoin since August 2017, right after the ICO. In dollar terms, the price slid from the recent peak at above $5 to current prices around $1.63. Trading has also stagnated, from $70 million in 24 hours at the peak to current levels of $2 million.
Yet in the past days, some positive sentiment has been gathering around the PAY token, with the possibility of at least making a temporary bounce, especially given the lows against Bitcoin.
Following the WireCrest story, showing that holding crypto-related cards has glitches, the Monaco (MCO) tokens also slid from their peak in dollar prices to around $8.
Recently, it became clear that LitePay was also not planning to immediately unroll a card allowing Litecoin payments, citing difficulties in finding an intermediary in good standing which would be able to communicate with banks for switching between crypto coins and fiat.
What the future holds for spending crypto coins is yet unknown. Cards are a relatively old idea, but crypto spending has continued to see glitches, especially related to the volatile asset price.
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