Krypton Abandonds Ethereum for Bitcoin Proof of Stake Blockchain after 51% Attack
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....
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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....
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....
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....
The security expert said that while PoS isn’t “theoretically” as secure as PoW, he admits it still has “sufficient practical security.” Despite the Ethereum Merge being touted as a major upgrade to the blockchain network, its transition to proof-of-stake theoretically makes it more vulnerable to exploit.Speaking to Cointelegraph, the security researcher explained that unlike proof-of-work (PoW) systems, a proof-of-stake (PoS) system informs node validators in advance what blocks they will validate, thus enabling them to plan attacks. The security expert, who asked not to be named, is a....
An accessible, in-depth look at what's really at risk when Proof-of-Work or Proof-of-Stake blockchains suffer the dreaded 51% attack.