Crypto Hackers Steal Over $1.5M of Ethereum Classic Via ‘Double Spending’, Coinb

[Goodcat49]

Ethereum Classic (ETC), a byproduct of the globe's second most famous cryptoasset, has been hit by several big attacks on its blockchain technology network. Anonymous hackers vanished with over $1.5 million (approx. £1.2m) by conducting a 51% attack on Etereum Classic's rudimentary technology. At the time of press, ETC is exchanging hands at $4.68 USD (-7.15%).

Well-known crypto exchange Coinbase was forced to stop trades of Ethereum Classic because of the attack.   

Coinbase communicated to its clients through a blog post on Monday, January 7, that over $1.5 million had been stolen by malicious hackers via a double spend event.   

"Coinbase detected a deep chain reorganisation of the ETC blockchain that included a double spend," the blog post indicated. "In order to secure clients’ funds, we immediately paused interactions with the ETC blockchain.”   

Damages ETC Traders’ Trust   
A deadly 51% attack is technically  possible on any crypto, however, it is very hard to fulfil.   

It requires taking charge of more than ½ of the network’s mining computer power, which is utilized to both produce new units of the cryptoasset and confirm transactions on the network.   

This enables a ‘double spend,’ by which whatever person is in control of the network in question can successfully spend units of the cryptoasset twice (double).   

Bitcoin’s (BTC) anonymous developer Satoshi Nakamoto initially described this particular kind of attack in their 2008 white paper.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-hackers-steal-over-1-5m-of-ethereum-classic/