Two miners are in the focus of our latest cryptocurrency news for reportedly executing a 51% attack on the Bitcoin Cash (BCH) blockchain. As tweets by Cryptoconomy Podcast host Guy Swann shoed, the two miners were controlling the majority of the mining power on a Proof-of-Work blockchain network.
For those of you who don’t know, a 51% attack happens when someone controls the majority of mining power – acting as the majority block verifier – and preventing other users from mining and reverse transactions.
Even though many jumped in the altcoin news with their assumptions that a 51% attack would be carried out with a malicious intent, the case with the two miners happened as the two mining pools attempted to prevent an unidentified party from taking some coins that – because of a code update – were essentially available for taking.
As Swann said in the podcast, the two miners with majority control of the network – BTC.top and BTC.com – performed the attack in an effort to stop an unknown miner from taking coins that were sent to an “anyone can spend” address after the hard fork of Bitcoin Cash (BCH) in May 2017.
“When the unknown miner tried to take the coins themselves, http://BTC.TOP & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own,” Swann tweeted.
The two miners and their attack are a topic shared by many best cryptocurrency news sites. However, 51% attacks have always been considered unethical, undesirable and unprofitable option to take away funds as it would require a massive amount of computing power and because of the fact that users would flee.
According to other stats on Coin.Dance relevant to the two miners, BTC.top and BTC.com control 43% of the Bitcoin Cash mining pool together.
Meanwhile, this is not the only mining attack featured in the coming altcoin news. Previously, the Ethereum Classic (ETC) blockchain experienced a 51% attack in January, resulting in a loss of 54,200 ETC.
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
Wikipedia Co-Founder Claims EOS Is De Facto Centralized
‘’We cannot continue to build dapps on EOS if the network is de facto centralized in the hands of the Chinese. I’ve been making noise internally at EP about this since I learned about it earlier this summer. Sorry, but it can’t go on much longer, as far as I’m concerned.’’The statements appeared more than a year ago after the Wikipedia co-founder announced they would develop a truly censorship-proof system on built on the EOS blockchain. As Everipedia’s chief information officer, Sanger noted that EOS will make the process of approving articles, making edits and storing information more distributed but his latest comments outlined that the project did not assist his platform into becoming more authentic, decentralized version of Wikipedia. Despite becoming one of the most popular and widely used blockchains, EOS has a huge problem concerning its integrity. There are a few other people who own a huge part of the project’s tokens. This gives them a massive influence on the right to select block procedures which is a total of 20 entities that validate and add transaction records on the native blockchain. The structure resembles a corrupted democratic process according to Sanger where one individual can vote up to 100 times because he has up to 100 identity cards. This increases the probability of potential cooperation where the malicious actors can join together to seize the EOS funds or alter transaction records saved on the blockchain. As explained in some of the best cryptocurrency news sites, the huge problem lies in the inability of Block.one which is the parent company of the cryptocurrency to solve the problem. This became even worse when Dan Larimar the CTO of the company confirmed that the decentralization is not their biggest priority.
White House Reveals The Cryptocurrencies Used To Buy Drugs
“An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesised narcotics primarily sourced from China.”In the altcoin news, there has been an outlining of the cryptocurrencies which were used to pay for foreign drugs. CVC, as you can see in the context, refers to "convertible virtual currencies" which include the names of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) as well as Monero (XMR), the White House noted. The drug fentanyl is apparently also noted by the advisories who said:
“Similar to purchases from a foreign source of supply using MSBs or online payment processors, individuals located in the United States search for fentanyl and identify potential websites that may provide the opportunity to purchase illicit drugs online. Foreign representatives will instruct the U.S.-based individual to send payments through CVC, such as bitcoin, bitcoin cash, ethereum, or monero.”The latest cryptocurrency news show that the White House advisories note that “CVC transactions generate a significant variety of information elements that may be extremely useful to law enforcement.” Therefore, the financial institutions are always recommended to collect details in case of suspicion - including “virtual currency wallet addresses, account information, transaction details (including [...] hash), relevant transaction history, available login information (including IP addresses), information obtained from analysis of the customer’s public online profile and communications, mobile device information,” etc. As we reported last month, the US Department of the Treasury and the representative Steven Mnuchin said that the authority will be preventing Bitcoin from becoming an “equivalent of Swiss-numbered bank accounts.” Before this, Mnuchin said that he shares the president's (Donald Trump) concerns about the use of cryptocurrencies towards financing illicit activity.
Join us on Facebook
- Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
- Libra Members Think About Quitting Project Due To Government Pressure
- Another Exchange Says Goodbye To The Cryptocurrency Operations
- Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
- Winklevoss Brothers On BTC: ‘Wall Street Has Been Asleep’
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Anthony Pompliano Says G7 Only Needed 10 Years To Discuss Bitcoin
Blockchain News3 days ago
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
Blockchain News5 days ago
Coinbase Confessed To Have Put Traders’ Funds At Risk
Bitcoin News2 days ago
Bitcoin Gets Blacklisted By US Treasury Due To Money Laundering Suspicions
Altcoin News5 days ago
Trading Platform Giant Binance Announces The Launch Of Venus
Blockchain News4 days ago
Telegram Open Network Will Finally Launch On October 31st
Bitcoin News2 days ago
SegWit Developer Introduces New Smart Contracts Language
Blockchain News3 days ago
World Bank Raised $33.8 Million Via Blockchain Bonds