Team-periwinkle, a Reddit user is thinking of doing an attack 51% against Einsteinium (EMC2), cryptocurrency based on Bitcoin. The performance would take place on October 13 at 23:00 and would be broadcast live on twitch.tv.
It will only be purely educational
Team-periwinkle has indicated that it will be purely educational. According to his tweet:
"Saturday, October 13 at 3:00 CDT (8:00 UTC) I'm running a 51% attack against real digital currencies and then I 'll explain the whole process on twitch. "
In addition, it plans to show live the attack 51% by putting it into practice on the chip EMC2, a cryptocurrency with small market capitalization.Oct 13, 3:00 CDT (8:00 UTC) I'm doing 51% attacks against real live CryptoCurrencies and explaining the whole process on twitch. https://t.co/JQm34LrvhW
- GeoCold "Mischief-Maker" (@ geocold51) October 8, 2018
The Reddit user has raised donations to fund this takeover of the network. There is no doubt that among these anonymous donors there are malicious miners in search of a new technique to corrupt the Blockchain.
In any case, Team-periwinkle will continue to complete the project. By highlighting security bugs and breaches, he wants to prevent such "unintentional" attacks from happening again in the future.
Attacks and his victims
Many crypto-currencies like Verge, Bitcoin Gold and ZenCash have suffered 51% attacks.
By taking control over 50% of the hash power, miners groups are able to prevent new transactions from getting confirmations. In May, in just a few hours, hackers were able to steal more than 30 million Verge chips.
Minors would also be able to cancel any transactions made during the attack.
The double expense exploits a flaw in the network to duplicate or falsify a cryptocurrency, which allows to transfer the same token twice. This process caused the loss of $ 20 million in Bitcoin Gold ( BTG) in May 2018
A similar attack against the blockchain Horizen, allowed thieves to steal nearly 20 million ZEN in June, which equates to more than 550,000 USD.
According to experts, a 51% attack can not destroy a token or any other currency based on a Blockchain.
What do you think of the 51% deliberate attack of Team-periwinkle against Einsteinium? Do you doubt his real intentions? React in the comments!
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