Archive for the ‘ethereum’ Category

Ethereum Classic (ETC) Hit by Double-Spend Attack Worth $1.1 Million

January 8th, 2019
Popular cryptocurrency exchange Coinbase has suspended all transactions of Ethereum Classic (ETC)—the original unforked version of the Ethereum network—on their trading platforms, other products and services after detecting a potential attack on the cryptocurrency network that let someone spend the same digital coins twice. Why is this attack concerning? The heist resulted in the loss of $1.1

Posted in Blockchain, cryptocurrency, cryptocurrency exchange, Cyber Attack, Double Spend Attack, ethereum, Ethereum Classic, Hacker News, hacking news | Comments (0)

Almost $500,000 in Ethereum coin stolen by forking its blockchain

January 8th, 2019
Almost $500,000 in Ethereum coin stolen by forking its blockchain

Enlarge (credit: ethereumclassic.org)

Attackers have stolen almost $500,000 worth of the Ethereum Classic digital currency by carrying out a compute-intensive hack that rewrote its blockchain, officials with Coinbase, one of the leading crypto currency exchanges, said on Monday.

The heist was the result of carrying out what's known as a rollback attack, which allowed the attackers to reorganize the Ethereum blockchain, Coinbase security engineer Mark Nesbitt said in a blog post. From there, the attackers were able to "double spend" about 88,500 ETC, meaning they were able to recover previously spent coins and transfer them to a new entity. As a result, the coins were effectively transferred from the rightful recipients to new entities chosen by the attackers.

"We observed repeated deep reorganizations of the Ethereum Classic blockchain, most of which contained double spends," Nesbitt wrote. "The total value of the double spends that we have observed thus far is 88,500 ETC (~$460,000)."

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Posted in Biz & IT, Blockchain, Digital Currency, ethereum, rollback attack | Comments (0)

Civil unrest: How a blockchain-based journalism startup bumbled its launch

December 23rd, 2018
A man in a sport coat gives an interview.

Enlarge / Civil CEO Matthew Iles, as seen in this promo video. (credit: Freethink / YouTube)

In March 2018, Matthew Iles—the head of Civil, an ambitious blockchain-for-journalism startup—stood in a tiny New York conference room with a few colleagues seated around him. Wearing a peach-colored sweater, Iles looked up at a mounted camera to speak to dozens of colleagues spread around the world about how the future of Civil was looking bright.

"We're feeling very bullish about the value of our tokens as it relates to the value that has been estimated in all of the agreements that we have shared with you guys so far," the CEO said in an internal video recording obtained by Ars.

Civil aims to orchestrate the creation, sale, and management of an Ethereum-based crypto-token, known as CVL, meant to serve as the underpinning of a slew of recently founded ambitious news sites.

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Posted in Blockchain, civil, ethereum, Journalism, matthew iles, Policy, startup | Comments (0)

Ethereum falls below $100—down 93 percent from its January high

December 6th, 2018
Ethereum falls below $100—down 93 percent from its January high

Enlarge

The month-long cryptocurrency slide continued overnight with ether, the cryptocurrency of the Ethereum network, falling below $100 for the first time since May 2017. Ether's value is down 93 percent from its January high above $1,400.

Bitcoin reached a 2018 low of around $3,500 last week. It's now trading at around $3,700, down 80 percent from its high of almost $20,000 last December.

There doesn't seem to be any specific cause for recent declines. Rather, the steadily declining prices seems to reflect a general decline of enthusiasm for the cryptocurrency.

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Posted in bitcoin, ethereum, Policy | Comments (0)

Bitcoin and Ethereum fall to lows not seen since 2017

November 19th, 2018
Bitcoin and Ethereum fall to lows not seen since 2017

Enlarge (credit: Omar Marques/SOPA Images/LightRocket via Getty Images)

Every major cryptocurrency was down sharply on Monday morning, with many hitting levels not seen since 2017.

Bitcoin fell below $5,100, a low not seen since October 2017. Ethereum's currency, ether, fell below $155—down 25 percent over the last week. Ether's value hasn't been this low since July 2017.

The weekend's losses are a continuation of last week's selloff.

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Posted in bitcoin, bitcoin cash, ethereum, Policy | Comments (0)