• 51% ATTACK
    Ethereum

    Ethereum Classic hack nets thieves $1.1 million

    The 51% attack saw control of the cryptocurrency’s blockchain taken over by bad actors

    Ethereum Classic, the cryptocurrency created after the main Ethereum developers led by Ethereum founder Vitalik Buterin split off in a June 2016 hard fork to reverse the theft of $55 million in coins, suffered another loss this week. On Jan. 5, a miner or group of miners managed to gain control of more than half of the Ethereum Classic mining power, or hashrate, in what is called a “51% attack.” This gave them the ability to double spend ETC coins—basically spending a newly created coin and then forking the ETC blockchain, allowing them to cancel the transaction and be able to spend that coin again. Called a deep chain reorganization,…

  • Bitcoin,  Cryptocurrencies

    It’s official: 4 out of 5 bitcoins have already been mined

    Now we only have to wait 122 years to finish the job

    This weekend saw a major milestone passed for the cryptocurrency community with the mining of the 16,800,000th bitcoin. As the bitcoin protocol is hard-capped at a fraction under 21 million coins, this means 80 percent of the world’s total supply is already out in the wild. We’re not about to run out of bitcoin next weekend, so don’t lose your cool just yet. The math that introduces new coins into the ecosystem gets progressively difficult as time goes on; we’re making bitcoins more slowly, not more quickly When it first cropped up nine years ago, bitcoin’s unremarkable monetary value reflected how easy it was to generate. Nowadays that math is…