Exchange Says 51% Attacker Returned $100K-Worth of Ethereum Classic
Cryptocurrency exchange Gate.io said Saturday that $100,000 in ethereum classic has been returned following a recent 51-percent attack.
Vertcoin, a crypto project that sets out to keep mining power decentralized, has suffered its second 51-percent attack in a year.
The suggestion to reverse transactions on the bitcoin blockchain has caused an uproar on social media with several community members espousing such an idea is not only infeasible but reckless.
The two attacks last Thursday saw over $87,000 in the cryptocurrency double spent.
As the global pool of hashing power grows more liquid, arbitrageurs may see a financial incentive in "rent-a-miner" attacks.
If a permissionless blockchain doesn’t have a large enough community of users, developers and miners, its vulnerable, writes Michael J. Casey.