Attack On Krypton a ‘Dry Run’ For Ethereum?
Smart contracts platform Krypton is recovering from a 51 percent attack this week that saw 21,465 of its tokens exchanged for bitcoin and double-spent. According to the fledgling project’s founder and project manager Stephanie Kent, the attack was a “two-pronged” effort involving rented hashing power and a DDoS attack on existing nodes to multiply the hashing advantage even further. The attacker sent more than 21 thousand Krypton (KR) tokens to the Bittrex crypto exchange, sold them for bitcoin, then used the majority hashing power to roll back the transactions. Financial Return of Krypton....
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Krypton, Ethereum-based network, has recently recovered from a 2-step attack which resulted in a total of 21,465 KR, approximately $3000 USD, being stolen from Bittrex’s wallets. The Krypton team suspects that the attack might have been just a test: attackers might go for other Ethereum-based blockchains such as ETC, for example. How the attack happened. According to a press release by Stephanie Kent, Krypton’s Founder, and Rocky, cryptocurrency trader, investor and analyst, attackers used Double-Spending to steal the KR from Bittrex. After the attack, all deposits and withdrawals on both....
Krypton, an Ethereum-based blockchain, has announced that in order to protect its token coin KR from being stolen from exchanges through a double spend it has decided on a temporary course of action. In an announcement today, founder of Krypton Stephanie Kent said: Krypton is moving KR from an Ethereum-based proof-of-work blockchain to a Bitcoin-based proof-of-stake blockchain. The 51% Crew. Last month, the Krypton blockchain was attacked twice by an anonymous group known as the 51 crew. They were able to utilize a deadly blockchain exploit that was a two-step attack. The first step was....
According to various reports, a malicious group of hackers called the “51 Crew” is hijacking blockchain clones by taking a majority of their hashrates and double spending their tokens. Two cryptocurrency projects, Krypton and Shift, are among the first projects to be hit. The 51 Crew Wants to Damage Smaller ETH Clones. The 51 Crew managed to attack the....
New smart contract and distributed apps platform Krypton is in the process of expanding its project by networking, seeking to secure $2 million USD in funding from private investors. Krypton is intended to be an alternative to Ethereum, and is in fact a fork of it. It launched in February 2016 when interest in smart contracts, DAOs and DApps was gaining traction, but planned a network with a smaller initial token release, lower inflation and faster speed than Ethereum. The KR currency trades on Yobit and Bittrex, and is currently trying to get a listing on Poloniex. Krypton’s Security....
Small blockchains/coins are being targeted by a novel 51% attack that is holding these fledgling cryptos infrastructures hostage. Extorting Blockchains via 51% Attack. The attackers, calling themselves the “51 crew” are overpowering small blockchains with more hashing power and by DDoSing other nodes. It seems as though the attackers are specifically targeting Ethereum-based blockchains as the cryptocurrencies, Krypton (KR) and Shift, both Ethereum type coins, were threatened with a hack if they didn’t pay a ransom to the attackers. Before these cryptos were hacked, the group of attackers....