What is a 51% attack and how to detect it?
Despite the inordinate amount of resources needed to engineer them, small-cap cryptocurrencies are still susceptible to a 51% attacks. Despite being underpinned by blockchain technology that promises security, immutability, and complete transparency, many cryptocurrencies like Bitcoin SV (BSV), Litecoin (LTC) and Ethereum Classic (ETC) have been subject to 51% attacks several times in the past. While there are many mechanisms by which malicious entities can and have exploited blockchains, a 51% attack, or a majority attack as it is also called, occurs when a group of miners or an entity....
Related News
BitStamp detected yet another scam targeting Bitcoin users. Much publicized, the Bitcoin community has faced threats from hackers and other plays for years. Oftentimes, phishing attacks have been used to trick users into giving up their coins to criminal elements. Other times, ransomware attacks have opened the door to a new realm of cyber attack. According to researchers, the scam replaced QR code images on bitcoin exchanges with its own addresses. The fraudulent application was listed on Google’s Play store. Some users have noted this is perhaps a good reason why crypto-currencies like....
The internet infrastructure and risk-mitigating company, Cloudflare Inc., reportedly prevented the largest distributed denial of service (DDoS) attack earlier this month, calling it the most volumetric attack the company has recorded to date. The attack in question was aimed at a crypto platform. The number of requests per second (rps) of the current DDoS attack […]
These five moments shaped Bitcoin On-Chain analysis. Down below you’ll find a basic 101 article that reviews the basic concepts of the trade. If you have any problem with the list, David Puell is to blame. He’s a full-time on-chain analyst and the creator of MVRV and Puell Multiple. He didn’t include the metrics he created on the list, which says a lot. Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc In the following article, there’s also something for on-chain analysis experts. A side game called: Did your favorite moment make it? 1.....
The recent DDoS attack faced by Coinsecure led to a temporary disruption of services. Cryptocurrency platforms across the world are constantly under the threat of various forms of cyberattacks. While the attackers’ intentions may be several, they are generally of no good. Yesterday, Coinsecure — a leading Indian Bitcoin trading and blockchain services company became a target of one such attack. According to the company’s communication to its customers, the platform came under a DDoS attack which forced them to disable most of its services for few hours. The attack on Coinsecure seems to be....
Ethereum protocol hit by another DOS attack, the second one in less than a week! Ethereum is definitely heading towards trouble. The promising blockchain-based smart contracts protocol has been facing a lot of issues in the recent days, the latest one being yet another DOS attack. A brief alert about the latest DOS attack was published earlier yesterday on Ethereum’s blog. The alert statement reads, “URGENT ALL MINERS: The network is under attack. …a computational DDoS, i.e. miners and nodes need to spend a very long time processing some blocks. …due to the EXTCODESIZE opcode, which has a....