Topic: [2019-01-08] journalducoin.com - Ethereum Classic: $ 1.1 million stolen (Read 171 times)
January 08, 2019, 09:03:53 AM
I do not like this news because it may lead to another downtrend with every crypto market price. as we all know that we have some hard time now with the bearish market. And this will going to add up the bearish trend in the market. Anyway, we still have to be positive in times like this that the problem will going to be solve in due time.
January 08, 2019, 07:13:14 AM
Original article here > https://journalducoin.com/altcoins/attaque-51-sur-ethereum-classic-11-million-de-dollars-derobes/ Translation by myself with the help of Google translate:
Another news that we wish we were not publishing: the blockchain Ethereum Classic (ETC) suffered a 51% attack over the weekend, leading to several reorganizations of the blockchain, the latter allowing various double-spending. The most pessimistic mention circa 29,500 stolen ETCs, more than 1 million dollars at the time of the attack.
"Paper mache" safety from Ethereum Classic (ETC)
Securing a blockchain is not easy. To overcome this concern, most cryptocurrencies operate on a Proof-of-Work (PoW) system. To validate a block, miners must make a complex "mathematical puzzle", requiring a high computing power (hashrate).
It is this necessity that guarantees the security of a network, to the extent that taking control requires a computing power greater than 50% of the total.
If this system performs its role well for cryptocurrencies where the miners are numerous - and therefore the hashrate high enough to be dissuasive - this is not necessarily the case for currencies with a more modest capitalization. It is estimated - for example - that it would take more than $ 1.4 billion to only consider a 51% attack on the Bitcoin network (BTC), when some altcoins do not require more than a few thousand dollars for the same result . In this case, attacking Ethereum Classic costs just over $ 4,500 per hour. One can also appreciate the "plug & play" of an attack on ETC, since it would be enough to rent servers on NiceHash.
Attack of 51% on ETC
Let's get back to the heart of the matter, with the latest case of 51% attack, whose victim is ... Ethereum Classic (ETC).
One of the first mentions of this attack was made by CoinNess, this Sunday (January 6th). The media reported that a Chinese cybersecurity firm specializing in blockchains - SlowMist - had sent them an ETC alert. According to them, the cryptocurrency was currently under attack by 51%, and deep reorganizations of the blockchain had been identified.
Very quickly, the Ethereum Classic team commented on the case on Twitter. At this point, the attack is considered a "rumor".
A handful of hours later, and it's the jerk of battle. The official ETC Twitter request to all exchanges and mining pool dealing with the currency to increase at most the confirmation times for ETC withdrawals and deposits.
According to various reports, it is between 400 000 and 1.1 million dollars in ETC which were diverted, Coinbase mentions for example 290 500 ETC, which would have been stolen during about twenty deep reorganizations of the blockchain allowing duplicates expenses.
Here are several technical terms that can scare the neophytes, but do not panic! The Journal du Coin recently released a lexicon that will allow you to speak crypto-language fluently.
Thank you Coinbase!
As usual, each new event of its kind brings a lot of drama into the cryptoworld. This time we find regulars of this kind of shoots, I named Coinbase!
Indeed, in an article about this attack, the team claims to have detected a reorganization of the blockchain on Saturday, January 5, almost 24 hours before the first alerts. Far from them the idea of keeping anyone informed, they simply suspended ETC deposits and withdrawals without further ado. The ETC team commented on Twitter about this.
"Regarding the account of the recent events of Coinbase: they allegedly detected double expenses, but unfortunately did not contact the ETC team regarding the attack."
For now, interactions with ETC are disabled on most exchanges. It will take a little more patience to measure the damage amplitude, but this attack is a new lesson. Many altcoins are easy prey, and any ill-intentioned and well-prepared individual can wreak havoc on the cryptos at the bottom of the board. Note that Elythereum Classic is ranked 18th in the ranking of the largest caps. This gives you an idea of the size of the "bottom of the table". If it is not individual CTOs stolen here, the attack has had a definite impact on the price, and all investors are thus hurt.
Another news that we wish we were not publishing: the blockchain Ethereum Classic (ETC) suffered a 51% attack over the weekend, leading to several reorganizations of the blockchain, the latter allowing various double-spending. The most pessimistic mention circa 29,500 stolen ETCs, more than 1 million dollars at the time of the attack.
"Paper mache" safety from Ethereum Classic (ETC)
Securing a blockchain is not easy. To overcome this concern, most cryptocurrencies operate on a Proof-of-Work (PoW) system. To validate a block, miners must make a complex "mathematical puzzle", requiring a high computing power (hashrate).
It is this necessity that guarantees the security of a network, to the extent that taking control requires a computing power greater than 50% of the total.
If this system performs its role well for cryptocurrencies where the miners are numerous - and therefore the hashrate high enough to be dissuasive - this is not necessarily the case for currencies with a more modest capitalization. It is estimated - for example - that it would take more than $ 1.4 billion to only consider a 51% attack on the Bitcoin network (BTC), when some altcoins do not require more than a few thousand dollars for the same result . In this case, attacking Ethereum Classic costs just over $ 4,500 per hour. One can also appreciate the "plug & play" of an attack on ETC, since it would be enough to rent servers on NiceHash.
Attack of 51% on ETC
Let's get back to the heart of the matter, with the latest case of 51% attack, whose victim is ... Ethereum Classic (ETC).
One of the first mentions of this attack was made by CoinNess, this Sunday (January 6th). The media reported that a Chinese cybersecurity firm specializing in blockchains - SlowMist - had sent them an ETC alert. According to them, the cryptocurrency was currently under attack by 51%, and deep reorganizations of the blockchain had been identified.
Very quickly, the Ethereum Classic team commented on the case on Twitter. At this point, the attack is considered a "rumor".
A handful of hours later, and it's the jerk of battle. The official ETC Twitter request to all exchanges and mining pool dealing with the currency to increase at most the confirmation times for ETC withdrawals and deposits.
According to various reports, it is between 400 000 and 1.1 million dollars in ETC which were diverted, Coinbase mentions for example 290 500 ETC, which would have been stolen during about twenty deep reorganizations of the blockchain allowing duplicates expenses.
Here are several technical terms that can scare the neophytes, but do not panic! The Journal du Coin recently released a lexicon that will allow you to speak crypto-language fluently.
Thank you Coinbase!
As usual, each new event of its kind brings a lot of drama into the cryptoworld. This time we find regulars of this kind of shoots, I named Coinbase!
Indeed, in an article about this attack, the team claims to have detected a reorganization of the blockchain on Saturday, January 5, almost 24 hours before the first alerts. Far from them the idea of keeping anyone informed, they simply suspended ETC deposits and withdrawals without further ado. The ETC team commented on Twitter about this.
"Regarding the account of the recent events of Coinbase: they allegedly detected double expenses, but unfortunately did not contact the ETC team regarding the attack."
For now, interactions with ETC are disabled on most exchanges. It will take a little more patience to measure the damage amplitude, but this attack is a new lesson. Many altcoins are easy prey, and any ill-intentioned and well-prepared individual can wreak havoc on the cryptos at the bottom of the board. Note that Elythereum Classic is ranked 18th in the ranking of the largest caps. This gives you an idea of the size of the "bottom of the table". If it is not individual CTOs stolen here, the attack has had a definite impact on the price, and all investors are thus hurt.
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