Tag Archives: Attacks

Blockchains Are Susceptible to Attacks

Blockchain technology is often touted for its great security in preserving transaction records. However, blockchain isn’t impenetrable. After all, a line of incorrect coding or a small computer network backing the blockchain could lead to unwanted transactions, meaning companies must assess and be aware of any risks in their blockchain-based software, experts said. Continue reading Blockchains Are Susceptible to Attacks

Blockchain Attacks and the Fight for Immutability

The Ethereum Classic blockchain was the victim of a 51% attack (often called a majority or Sybil attack) on January 5, 2019 that reorganized portions of the blockchain and allowed the attackers to double-spend 219,500 ETC ($1.1 million). As a result of this attack, and similar majority attacks over the past year, the concept of immutability within blockchain technology has been revealed to be a potentially costly oversimplification. If determined foes can
alter a blockchain, even temporarily, then many blockchain systems may be more fragile than is commonly perceived. These attacks show that protecting the permanence of data on the blockchain cannot be assumed, but instead is an evolving challenge and an important consideration for those who design, manage, participate in and rely upon blockchain networks for their businesses. Continue reading Blockchain Attacks and the Fight for Immutability

Decentralized Crypto Networks ‘Must be Susceptible to 51% Attacks’: Litecoin Creator Charlie Lee

Ethereum Classic (ETC), the smaller spinoff of Ethereum, is still reeling from the 51% attack that was carried out on its blockchain, resulting in the theft of more than $1 million in ETC tokens and an almost 10% erosion of the cryptocurrency’s value. Continue reading Decentralized Crypto Networks ‘Must be Susceptible to 51% Attacks’: Litecoin Creator Charlie Lee

Cryptojacking, Hacks, and Scams: N.Korea Is Ramping up Cyber Attacks

The North Korean government is currently facing a flurry of accusations related to cryptocurrency hacks, cryptojacking attacks, and money laundering. Its regime, which is currently reeling from sanctions imposed by the United States government, is believed to be backing cryptocurrency scams and hacks to obtain badly needed funds. Continue reading Cryptojacking, Hacks, and Scams: N.Korea Is Ramping up Cyber Attacks