The crypto trade has been repeatedly rocked by hacks and theft, undermining belief within the ecosystem. These episodes sometimes happen with out warning, leaving buyers to depend their losses solely after the hack happens. In a weird flip, a 51% assault on Einsteinium (EMC2) has been introduced upfront. The hack is scheduled for Saturday, Oct 13.
The 51% assault on Einsteinium shall be reside streamed and you’ll be able to watch the livestream of the assault try right here.
A 51% hack on a coin doesn’t contain stealing cash or manipulating a coin’s value within the service of a “pump and dump” assault. Moderately, a 51% hack entails taking management of sufficient of a coin’s hashrate to permit the coin to be double spent.
Oct 13, three:00 CDT (eight:00 UTC) I'm doing 51% assaults in opposition to actual reside CryptoCurrencies and explaining the entire course of on twitch. https://t.co/JQm34LrvhW
— GeoCold (@geocold51) October eight, 2018
A Message From The Attacker
A message from the attacker is posted on the positioning the place the tried hack shall be streamed. The hacker notes that if donations are available increased than anticipated, they might choose a bigger challenge to assault.
If we get $300-500 in donations we’ll have the cash to purchase the required hashing energy to assault Vertcoin. If you wish to chip in, Bitcoin:18YvVAxEMYxowSYEmWVtY75ZUdKXXk2vQc, if we go below our objective we’ll do a bigger coin however not Vertcoin, if we go over, the remaining cash will go to the EFF.
A 51% assault works like this: An attacker rents sufficient hashing energy to achieve the vast majority of hashing energy on the focused coin, on this case Einsteineum. The attacker then exchanges these Einsteineum cash for an additional cryptocurrency on an trade, sometimes Bitcoin.
As soon as the attacker has exchanged her Einsteineum for Bitcoin, she merely makes use of her command of the Einsteineum she has attacked to fork the chain and reverse the preliminary switch of Einsteineum into the trade. The attacker now has each the Bitcoin and the Einsteineum she or he used to finance her Bitcoin buy.