Silence is gold, but gold-backed cryptanalysis prefers silvery speech. AurumCoin (AU) claimed that a small, little-known cryptocurrency was the victim of a recent 51% attack. To complicate matters, they claim that Cryptopia, the cryptocurrency-listed exchange, lost about 15,7520 AU. That's about $ 500,000, and it's definitely a big deal for small, upcoming calls. Unfortunately, in the "I was not" maneuvering reminiscent of Shaggy, cryptocurrency covered all the responsibilities for Cryptopia.
AurumCoin They announced that they are open source distributed currencies and are not responsible for anyone. On the other hand, Cryptopia did not acknowledge the loss.
Who are the main parties in this story
AurumCoin (AU) claims to be cryptocurrency backed by gold, claiming that each token is fixed at a value of 24K gold and backed by 0.75g gold. Over the past four years, AU has operated its own block chain with tokens of Mineable and 300,000 coins. Interestingly, some were skeptical about passwords. They say there is no problem even if they think the mine is a gold monster. In addition, AU prices were volatile, rising from $ 9.50 to over $ 35 a week. I really expect the decryption of the gold people to be a little more stable than that.
On the other side is Christchurch, New Zealand's Cryptopia, based on New Zealand. Founded by Adam Clark and Rob Dawson, this is a cryptocurrency combination, trading platform and marketplace. The exchange uses cryptocurrency to help you buy, sell and trade almost anything. It is generally considered to be reliable and is in the top 50 in terms of volume.
About 51% attack
If the hacker is able to overtake the encryption network by more than 51% of the hash rate, 51% of the attacks will occur. This gives the hacker broad authority and control over transactions. As a result, new transactions may be suspended or canceled or double spending may occur. Small cryptocurrencies. It is more vulnerable to this type of attack.
What happened and what will happen
AurumCoin has a market capitalization of about $ 10 million, which has become a Matthew target for this kind of evil behavior. The hacker first sent 15,752.26 AU to Cryptopia and was sold with a different password. When you're done, your transactions have been reversed in bulk.
Cryptopia did not acknowledge any kind of attack on the network even though no AU transactions were processed this month. In fact, AU transactions were suspended due to an "infrastructure upgrade".
Aurum Coin has become a vocal and "Aurum coin (AU) network has been hacked (51% attack) and a total of 15,752.26 AU has been missing from Cryptopia's wallet (cryptopia.co.nz exchange) Even worse, the exchange of passwords does not acknowledge it. This is not the way to solve this problem. "
They stopped detailing what the operator wanted. The problem, however, is that AurumCoin can prevent 51% of attacks by lacking a hash ratio, preventing Cryptopia from losing a lot of money. Bittrex simply deleted the password when a similar attack recently occurred in Bitcoin Gold. I feel a bit harsh and vigilant when the victim strikes. The exchange itself has not yet been validated, as it has not acknowledged any problems yet.