Archive for the ‘Blockchain’ 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)

Ohio Congressman: We can fund border wall with “WallCoin”

December 13th, 2018
A serious man in a heavy coat and hat.

Enlarge / Rep. Warren Davidson (R-Ohio) wants Americans, Mexicans, or just about anyone else to be able to donate cash to build a wall. And he thinks a "WallCoin" could help do that. (credit: Tom Williams/CQ Roll Call via Getty Images)

As President Donald Trump threatened to allow a government shutdown if Congress did not provide funding for his proposed wall along the Mexican border, a Republican congressman from Ohio offered up alternative routes to getting the wall built: through Internet crowdfunding or through an initial coin offering.

During an interview with NPR's Morning Edition on December 12, Rep. Warren Davidson said that he had offered what he referred to as a "modest proposal" in the form of his "Buy a Brick, Build a Wall Act." The bill, which he submitted on November 30, would authorize the Secretary of the Treasury to accept monetary gifts from anyone "on the condition that it be used to plan, design, construct, or maintain a barrier along the international border between the United States and Mexico." The funds would go into an account called the "Border Wall Trust Fund," and a public website would be set up to process donations electronically.

Rep. Davidson told NPR's Steve Inskeep that the donations could come from anyone and be gathered in a number of ways."You could do it with this sort of, like, crowdfunding site," Davidson explained. "Or you could do it with blockchain—you could have Wall Coins."

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Posted in Biz & IT, Blockchain, border security, Border wall, crowd funding, crowdfunding, ico, initial coin offering, Policy | Comments (0)

When will blockchain technology deliver on its promise?

March 20th, 2017

There’s a lot of promise in blockchain technology, but it’s bogged down in problems and has a long way to go before it’s ready for prime time

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BlockChain.info Domain Hijacked; Site Goes Down; 8 Million Bitcoin Wallets Inaccessible

October 12th, 2016

UPDATE: The site is back and working. Blockchain team released a statement via Twitter, which has been added at the end of this article.

If you are fascinated with the idea of digital currency, then you might have heard about BlockChain.Info.

It’s Down!

Yes, Blockchain.info, the world’s most popular Bitcoin wallet and Block Explorer service, has been down from last few hours, and it’s

Posted in Bitcoin BlockChain Network, Bitcoin exchange, bitcoin software, Bitcoin wallet, Blockchain, Digital Currency, digital wallet | Comments (0)