Connect with us

Blockchain

Ethereum Classic Labs to Put Measures in Place to Safeguard Against Future 51% Attacks

After suffering a couple of 51% attacks, Ethereum Classic (ETC) Labs is planning to adopt measures that would protect its network from similar attacks in the future.  ETC Goes After NiceHash Amid Multiple 51% Attacks In a Medium blog post on Monday, ETC Labs announced that it would involve regulators globally and law enforcement agencies

Read MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

Republished by Plato

Published

on

After suffering a couple of 51% attacks, Ethereum Classic (ETC) Labs is planning to adopt measures that would protect its network from similar attacks in the future. 

ETC Goes After NiceHash Amid Multiple 51% Attacks

In a Medium blog post on Monday, ETC Labs announced that it would involve regulators globally and law enforcement agencies to monitor the activities of crypto hash rentals services. 

This move comes after the Ethereum Classic Network witnessed three 51% attacks, with the last two attacks happening within one week. While the second attack saw perpetrators double-spend 807,260 ETC ($5.6 million), with 17.5 BTC worth $199,000 used to purchase hash power from Nicehash, the third attack saw a “reorg” of 4,000 ETC blocks.

With two 51% attacks happening within a short time frame, ETC Labs stated in its blog post that investigations are already underway. Furthermore, ETC Labs pointed out that the Slovenia-based crypto hash power platform NiceHash enabled multiple attacks on the ETC network. 

An excerpt from the post reads:

“Many exchanges and other digital asset service providers have implemented robust KYC and anti-money laundering programs, however, hash rental platforms such as NiceHash often purport to be unregulated, potentially facilitating money laundering and other illegal activities.”

The blog post also revealed that NiceHash co-founder was arrested for fraud and is awaiting extradition to the U.S. As part of measures to stop further 51% attacks and safeguard its network, ETC Labs revealed that it would carry out legal actions against platforms that contribute to such attacks. 

Numerous POWs Vulnerable to Blockchain Reorg Exploits

As reported by BTCManger in January 2020, the Bitcoin Gold (BTG) network also suffered a 51% attack, after falling victim to a similar attack back in 2018. In the January 2020 attack, there were two “reorgs” on BTG, resulting in a double-spend of 1,900 BTG and 5,267 BTG.

While Ethereum Classic Labs is looking to go after entities that enable 51%attacks, the ETC network is still vulnerable to a 51%attack. As at the time of writing, data from Crypto51.app, a website that monitors the estimated cost of one hour 51% attack on proof-of-work (POW) blockchains, an attacker will need only about $5,000 to attack the ETC blockchain.

Apart from the relatively small money required to rent the hash power necessary to carry out such attacks, ETC appears to be one of the easiest to hack using NiceHash resources. By comparison, the likes of Bitcoin and Ethereum will cost the attacker between $500,000 to almost $1 million.

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Source: https://btcmanager.com/ethereum-classic-labs-51-attacks/

Blockchain

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

Republished by Plato

Published

on

  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

Continue Reading

Blockchain

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

Republished by Plato

Published

on

Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

Continue Reading

Blockchain

‘Retail s*ckers duped by manipulative whales’ – Roubini on Bitcoin’s price fall

Republished by Plato

Published

on

Bitcoin, the world’s largest cryptocurrency, is in the news again after American economist and popular crypto-critic Nouriel Roubini claimed that it had no intrinsic value, adding that BTC is heavily manipulated. Taking to Twitter on Thanksgiving Day, the crypto-skeptic, in fact, also went on to blame retail investor FOMO for the latest Bitcoin price drop. Roubini said, 

“See also the academic evidence that Tether is used to manipulate the Bitcoin market. And look at the recent indictment of BitMex and his criminal CEO & gang. It [Bitcoin] has no intrinsic value, it is not backed by any asset, it is not legal tender, it cannot be used to pay taxes.”

Roubini has been one of the industry’s oldest critics, with the economist going as far as lauding the CFTC’s charges against BitMEX CEO Arthur Hayes a few weeks ago, having claimed that Hayes and his firm were running a “massive criminal operation.”

In the past, the economist had also called out the stablecoin Tether for the “criminal manipulation” of Bitcoin rallies.  

Bitcoin has risen by 134% this year, hitting a record high of $19,293 this week, before falling by 12% on the price charts. The said fall came on the back of Bitcoin trading close to its ATH levels, with crypto-investors soon cashing in on their holdings, pulling the price of the cryptocurrency down. It should be noted here that experts in the field had already predicted this drop, labeling it as an inevitable and regular price correction. 

However, while influencers and Bitcoin bulls have noted BTC’s potential as a safe-haven asset, Roubini seems convinced that Bitcoin has “no role” to play in institutional or retail investor portfolios because it isn’t a currency, unit of account, or a scalable means of payment.  Roubini even argued,

“Retail suckers with massive FOMO have been jumping again into BTC as they did in late 2017 when price went from 10K to 19K only to crash down to 3K in 2019. Only winners were the manipulative whales that dumped their BTC to the retail suckers & led to its 85% price fall.”

What is interesting here is that Roubini seems to be discounting the scale of institutional participation during this bull rally. Over the past few months, the likes of Square and Microstrategy have invested millions in Bitcoin. While the popular economist might be quick to denounce them as “manipulative whales,” it should be noted that unlike back in 2017, many of these entities have been quick to highlight BTC’s potential as a more “ubiquitous currency in the future.” 

What is even more interesting is that with the latest series of tweets, Roubini seems to be backtracking on his recent statements. A few weeks ago, back when BTC was consolidating its position to climb on the charts again, the crypto-skeptic had conceded that Bitcoin was “maybe a partial store of value.” While many saw this as a sign of the economist warming up to Bitcoin and cryptocurrencies, it would now seem that this wasn’t to last for long. 

Source: https://eng.ambcrypto.com/retail-whales-roubini-bitcoin

Continue Reading
Blockchain3 days ago

Ethereum 2.0 All Set For December 1st Launch As ETH Rallies Past $600

Home4 days ago

TramsToken (TRAMS): A Rising Star of the Fast Moving DeFi Space

Blockchain4 days ago

Crypto.com Launches Visa Cards for Canadians

Blockchain5 days ago

Crypto.com Launches Visa Cards for Canadians

Blockchain3 days ago

Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

Blockchain21 hours ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain4 days ago

The BitPay Black Friday Deals are Here!

Blockchain3 days ago

6,700 investors lock $10.5M in Oasis Network’s token-drop

Blockchain3 days ago

Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

Blockchain5 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain5 days ago

Launchpool Project Launches to $84M in Volume

Blockchain5 days ago

TA: Bitcoin Trades Below 100 SMA, Why BTC Could Face Short-term Dips

Blockchain5 days ago

Bitcoin Price Prediction: BTC/USD Takes a Breath between $17,700 and $18,800 Price Range

Blockchain5 days ago

Polkadot Aims to Become The New Home for The $14 Billion DeFi Industry

Blockchain5 days ago

Crypto.com Launches Visa Cards for Canadians

Blockchain4 days ago

Over $200 Million Has Been Stashed Into Ethereum 2.0 Staking Contract

Blockchain4 days ago

Ethereum (ETH) Clears $600, Making A Retest Of All-Time Highs Imminent

Blockchain3 days ago

Billion-Dollar SBI Japan Launches “Reliable” Interest on Bitcoin Deposits

Blockchain3 days ago

Blockchain-based voting systems have potential despite security concerns

Blockchain1 day ago

ViaBTC launches new cloud mining service with BTC and ETH contracts available

Blockchain1 day ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain5 days ago

Ethereum long target at $600 after establishing support above key breakout boundary

Blockchain5 days ago

Ripple price rejected at $0.5 after a remarkable rally, what next for XRP?

Blockchain4 days ago

Bitcoin short-term Price Analysis: 23 November

Blockchain4 days ago

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

Blockchain4 days ago

Polkadot Aims to Become The New Home for The $14 Billion DeFi Industry

Blockchain4 days ago

Blockchain3 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain3 days ago

TRONADZ – The First Decentralized AdNetwork

Blockchain3 days ago

Bitcoin SV, Cosmos, BAT Price Analysis: 24 November

Trending