The promise of digital cryptocurrencies like bitcoin is that you don't need to trust the people you send or receive money from because the software makes it technically impossible for anyone to cheat the system. Instead of relying on humans and their flawed judgment, you rely on the laws of mathematics. But a recent attack on the cryptocurrency Ethereum Classic—not to be confused with the original Ethereum project—shows once again how hard it is to remove human frailty from digital systems. Like other cryptocurrencies, Ethereum Classic relies on a decentralized ledger known as a blockchain created and shared by the machines that process transactions on the network. This ledger ensures that no one can spend their virtual tokens twice. Unless, that is, someone could take over at least 51 percent of the machines in the network. That's what appears to have happened last weekend. Currency exchange Coinbase said Monday it had detected double spends on the Ethereum Classic … [Read more...] about Attack on an Ethereum Currency Highlights a Crypto Weakness
Bitcoin 51 attack
Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE Jan. 8, 2019 / 1:51 PM GMT / Source: CNBC.com By Arjun Kharpal, CNBC A major cryptocurrency exchange said Monday that it had suspended movement of widely known cryptocurrency token ethereum classic after it detected a potential attack on the digital coin’s underlying technology. The exchange and wallet firm Coinbase said it had detected a so-called “chain reorganization” in which nearly $500,000 worth of ethereum classic was spent twice — an anomaly that is extremely rare for cryptocurrencies, but represents one of the biggest threats to the technology’s success. It could have been the result of what is known as a 51 percent attack, exposing a potential flaw in the cryptocurrency’s underlying technology known as the blockchain. In essence, Coinbase is saying that a malicious party may have been able to … [Read more...] about A well-known cryptocurrency may have suffered a confidence-breaking attack
If there's one thing cryptocurrency is supposed to guarantee, it's that no one can spend the same coin twice. Every transaction ever made with Bitcoin, for example, is recorded in a database that anyone can access. The database is called a blockchain, and it's supposed to keep everyone honest.But there's a way to get around that rule. On Monday, cryptocurrency trading hub Coinbase said it would no longer facilitate trades in Ethereum Classic because the exchange had determined the cryptocurrency had fallen victim to an attack that let someone spend the same coins twice.The attack highlights a problem that blockchain experts have known about since the beginning of cryptocurrencies. Virtual coins are only secure as long as people remain honest while maintaining the blockchains that record cryptocurrencies. It's also a big blow for Ethereum Classic, which can no longer be traded on Coinbase, a major exchange for all kinds of cryptocurrencies.According to Coinbase security engineer Mark … [Read more...] about Ethereum Classic cryptocurrency pulled from Coinbase after attack
Dec 20, 11:49 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Opinion By Rodrigo Marques 12/17/18 AT 5:30 AM The end of 2018 will mark a difficult year for bitcoin miners. Riding the wave of crypto mania in 2017 that drove prices to all-time highs, the year’s price decline was a bitter pill to swallow for miners who rapidly expanded operations. Take Chinese mining giant Bitmain, which is moving ahead with rapid steps to downsize operations in the face of falling profitability. More broadly, we’ve seen this trend accelerate across the industry. Estimates put the number of miners who have ceased operations anywhere from 100,000 to more than 600,000.At Atlas Quantum, we expect bitcoin (BTC) prices to continue to bounce around in the $3,000-5,000 range for the foreseeable future. That isn’t great news for the mining community, but it is sustainable for those who have the right operations. More importantly, … [Read more...] about Bitcoin Mining: With Difficulty Down, Will Cryptocurrency Miners Recover In 2019?
Law Facebook Twitter Flipboard Email Enlarge this image The two men face federal charges of infecting Atlanta's computers with their SamSam ransomware. The suspects have previously been charged in a similar scheme in New Jersey. Jose Luis Magana/AP hide caption toggle caption Jose Luis Magana/AP The two men face federal charges of infecting Atlanta's computers with their SamSam ransomware. The suspects have previously been charged in a similar scheme in New Jersey. Jose Luis Magana/AP A federal grand jury in Atlanta on Wednesday became the latest to indict two Iranian nationals on charges of creating and deploying the "SamSam" ransomware that attacked vital city computer systems earlier this year in an attempt to extort tens of thousands of dollars from the local government. The indictment, filed in the U.S. District Court for the Northern District of Georgia, charges Faramarz Savandi and Mohammed Mansouri with intentional damage to Atlanta's … [Read more...] about Georgia Charges Iranians In Ransomware Attack On Atlanta