What The Digerati Give, The Digerati Can Take Away

Some $2 billion worth of crypto-currency has been stolen, mostly from exchanges, says the Review, and those are only the publicly reported thefts.

In January, a hacker into the Ethereum Classic crypto-currency blockchain re-wrote transaction histories to make it possible to spend the same crypto-currency more than once, bagging up $1.1 million for himself.

The Ethereum attack was a so-called 51% attack, where, by taking over a majority of the network’s mining power the attacker can defraud other users by sending them payments and then creating an alternative version of the blockchain in which the payments never happened.

Gaining 51% control is expensive for big crypto operations like Bitcoin ($260k an our) but much cheaper for smsll operations which may be why, last year, there were attacks on the small crypto-currency operations Verge, Monacoin, Vertcoin and Bitcoin Gold which netted an estimated $20 million in total.

Reference: https://www.electronicsweekly.com/blogs/mannerisms/delusions/digerati-give-digerati-can-take-away-2019-02/

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