Friday, 21 June 2019

Tuesday briefing: Ethereum Classic heist restructures the currency's blockchain

At least $460,000 has been stolen in a cryptocurrency rollback attack, Samsung issues sales and profit warning, Harley-Davidson's electric LiveWire motorbike gets a release date

Ethereum Classic heist restructures the currency's blockchain

Cryptocurrency exchange Coinbase has halted trading in Ethereum Classic (ETC) after discovering that the currency's blockchain – the theoretically immutable record of all transactions ever carried out – had been re-written using what's known as a rollback attack (Ars Technica).

Also known as a '51% attack', because the attacker technically needs to control more than half the miners contributing to the blockchain, the attack effectively re-wrote past transactions to redirect already-spent currency to new recipients, currently to the tune of 88,500 ETC ($460,000). Ethereum Classic was created in a 2015 fork when its users rejected the main-line Ethereum cryptocurrency's move to a more secure smart contract system.

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