Monday , May 23 2022

Nearly $ 500,000 in currency stolen Classic Ethereum by forking its blockchain


Nearly $ 500,000 in currency stolen Classic Ethereum by forking its blockchain

The attackers seraqu nearly $ 500,000 value of digital currency Classic Ethereum by performing intensive hack the computers rerrote re blockade of its chain, said on Monday, the official Coinbase , one of the major exchanges crypto currencies

The heist was the result of carrying & # 39; attack by so-called & # 39; back, which allowed attackers to reorganize the blockchain of & # 39; the Ethereum, said safety engineer & # 39; Coinbase Mark Nesbitt f & # 39; blog post. From there, the attackers were able to "spend twice" about 88 500 ETC, that were able to recover previously spent coins and transferring them to a new entity. As a result, the coins were actually transferred from legitimate receivers newcomers chosen by the attackers.

"We have observed profound repeated reorganisations of blokokain Ethereum Classic, the majority of which contain double spending," wrote Nesbitt. "The total value of the duplication of spending that we have observed the & # 39; is now & # 39; 88 500 ETC (~ $ 460,000)."

The attacks & # 39; return often called attacks & # 39; 51 percent, because, in theory, require the attacker controls the majority of CPU power to generate blockchain. Such an arrangement would violate the primary requirement of & # 39; any currency based blockchain: enables one entity to write the contents of its universal and shared history of transactions.

Nesbitt wrote:

The function is to increase mining transactions in universal and shared history of transactions, known as blockchain. This is done by block products, which are set & # 39; transactions, and by defining the canonika transaction history as the chain longer & # 39; blocks. If a miner has more resources than the rest of the rest of the network, so the miner can & # 39; choose an arbitrary block which extends earlier than alternative history & # 39; blocks, eventually skipping the block history produced by the rest of the network and defines a new history of canon transaction.

This is called "chain reorganization," or "reorg" briefly. All reorgs have "deep" is the number of & # 39; blocks were replaced, and "length" is the number of & # 39; New blocks made replacement.

Declared b & # 39; a different way, attack & # 39; return generate new fork blockchain. This forces to the nodes to replace the original blockchain & # 39; a new one and make it possible for attackers to reverse the transactions made before. The attacks & # 39; return require control & # 39; a substantial fraction of the total hashpower dedicated to blockchain generation currency for a period sufficient to remove the attack. The creator of Bitcoin Satoshi Nakamoto warned a major limitation in its white paper introduced the digital currency.

Coinbase set of ETC funds affected movements to prevent any double spending to affect its users. Meanwhile, the Exchange Kraken temporarily stopped deposits and withdrawals of ETC plans to bring the funds ETC back online once the official exchange believe it safe to do so. ETC officials, in turn, have confirmed to double spending is affecting currency, But have yet to say more.

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