Archive for the ‘ethereum’ Category

Cryptocurrency Hacks Still Growing — What Does That Mean for the Industry?

May 14th, 2019
Though once synonymous with underground networks and black hat hackers, bitcoin and other cryptocurrencies have gone mainstream over the past two years. In 2017, we saw the skyrocket of bitcoin to an all-time high of close to $20,000 followed by a significant decline the following year. But beyond the ups and downs in the market for the world's largest cryptocurrency is a much more sinister

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Bitcoin hits $8,000 five days after cracking $6,000

May 14th, 2019
Bitcoin hits $8,000 five days after cracking $6,000

Enlarge (credit: Thomas Trutschel / Getty Images News)

Last Wednesday we reported that bitcoin had risen to $6,000 for the first time this year. On Monday, just five days later, bitcoin reached a new 2019 high of $8,000. As I write this one bitcoin is worth about $7,900.

Of course, bitcoin reached much higher levels in late 2017 and early 2018. Bitcoin's current price just under $8,000 is less than half the all-time high of $19,500 set in December 2017. Bitcoin was last worth at least $8,000 in July 2018.

As often happens, bitcoin's rise is part of a broader cryptocurrency boom. On Saturday, the price of ether—the currency of the Ethereum network—rose above $200 for the first time in 2019. Other cryptocurrencies, including Litecoin, Bitcoin Cash, Monero, and Dash are at or near 2019 highs.

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Posted in bitcoin, bubble, cryptocurrency, ethereum, Policy, speculation | 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

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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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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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