Once Hailed as Unhackable, Blockchains are now Getting Hacked

in #cryptocurrency5 years ago

Today I got a link to this article

Did you spend some time thinking about this?
How much risk is there to get attacked?


Picture by opdeepstate.com

More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.

They say:

Coinbase

Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase’s popular exchange platform. Its blockchain, the history of all its transactions, was under attack.

An attacker had somehow gained control of more than half of the network’s computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once—known as “double spends.” The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts.

Gate.io

But a second popular exchange, Gate.io, has admitted it wasn’t so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).


How safe is Steem?

We have a huge amount Witness nodes who are the backbone of the Blockchain. But how safe are these if it comes to attacks like this?

Love to have some answers to transform this in easy to understand messages to show the different situation or to prepare the Steem blockchain.


glaskugel steem by detlev.jpg


The 51% Attack

There is a post from Aman Gupta @amang9578 from some moth ago which explains the 51% attack

Have a read here


Picture by [Aman Gupta]https://steemit.com/mgsc/@amang9578/51-attack-a-threat-to-the-blockchain-technology)

Another explaining post about this is here from @brainjuice and enven this one from mycryptopedia.com might be a good read.




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O man I'm a victim myself since I had a Cryptopia Wallet with a decent amount Ormeus in it. Unfortunately Cryptopia got hacked and stole all. Now Ormeus is dead because of it..

Posted using Partiko Android

Ya, similar things happend to me as well.

I prefer to smile and add this to my endless list of "stupid lessons learned the hard way"

Than open a beer and send a smile to my wife!

“Who controls the past controls the future. Who controls the present controls the past.”

― George Orwell, 1984

Wauw a deep one 🙈😀

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