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The Mt. Gox Redemption: Heading Toward a Happy Ending?

The story of the infamous cryptocurrency exchange Mt. Gox seems to be taking a twist that could bring a relatively happy resolution to one of the most dramatic episodes in the short history of digital money. As the gates are now open for the Japan-based exchange’s creditors to file rehabilitation claims, chances are that most of the roughly 24,000 bereft patrons will eventually get their funds back and even see some returns on their involuntary, four-year long investment.

The development came along thanks to a group of Mt. Gox creditors successfully mounting an effort to pull the exchange out of bankruptcy proceedings and thrust it into an alternative legal process, known as civil rehabilitation. While some of the defrauded customers still keep pressing for criminal charges against the exchange’s former CEO Mark Karpelès personally, the bankruptcy estate funds are now managed by an independent trustee — Japanese lawyer Nobuaki Kobayashi — who oversees the civil reimbursement process.

Rehabilitation

The logic of the move is that the latter mode, according to Japanese law, would allow for distributing the exchange’s outstanding assets (worth more than $1.3 billion as of press time) among those who had lost their funds amid Mt. Gox’s collapse in 2014. Had it remained in the bankruptcy process, upon its conclusion, the bulk of the money would have accrued to the exchange’s shareholders, most notably the firm’s ex-CEO Mark Karpelès, who, at the time of the collapse, owned 88 percent of Mt. Gox.

Not only this would be a disgrace for the creditors — who had cumulatively lost 650,000 BTC due to Mt. Gox’s going bust — but also something that Karpelès himself would prefer to avoid.

In his 2017 interview to Reuters, the deposed Bitcoin King admitted that he would rather do his best to help creditors move the case from bankruptcy to rehabilitation than deal with a tidal wave of civil lawsuits and death threats that would inevitably descend upon him should he end up with a billion dollars he never earned.

Yet, before all the controversy, lawsuits and universal ignominy, there was a fascinating story of Mt. Gox’s success and downfall that, at various points, touched upon many titans of the cryptocurrency pantheon, and which like no other illustrates the spirit of the industry’s early years.

How it all started

Newcomers sometimes read Mt. Gox as “Mount Gox,” which is not quite correct — there is no topographical connotation to “Mt.” The domain name mtgox.com is short for “Magic: The Gathering Online eXchange,” and reflects the initial idea with which the service’s founder, Jed McCaleb, had registered the website. McCaleb — right, the one who would later go on to create the Ripple protocol — conceived of a platform where the fans of then-popular fantasy game “Magic: The Gathering” could trade the game’s cards like stocks. He quickly grew bored with the idea and moved on to other projects — it wasn’t until July 2010 that McCaleb, now fascinated with the newly found concept of cryptocurrency, reused the domain to create one of the first Bitcoin exchanges.

Always in pursuit of something bigger and newer, McCaleb lasted for less than a year at the helm of Mt. Gox before selling it to Karpelès, a French developer who was looking for a place to start his big journey in the crypto world.

First hacks

According to an email that would later surface in court, Karpelès learned shortly after the purchase that the exchange has already been hacked at least once, leaving a hole of 80,000 BTC on the balance sheet. Worth around $60,000 at that time, the loss didn’t seem dreadful to the new majority stakeholder and CEO — yet, over time, as Bitcoin prices caught wind, the void became ever harder to fill.

Mt. Gox sustained another major hack in June 2011, when criminals broke into the system via a compromised computer that allegedly belonged to an auditor. For a short period of time, the hackers managed to artificially set the price of Bitcoin on Mt. Gox trading platform at one cent, walking away with some 2,000 very ‘cheap’ coins. These events made Karpelès somewhat paranoid over the hacking menace and also contributed to his decision to move the bulk of Bitcoin in the exchange’s possession to cold storage.

These were serious woes, but at least they were known to Mark Karpelès. What he most likely did not realize — until some point in 2013 — was the fact that the Mt. Gox’s online deposit addresses had been compromised as early as in September 2011, when someone had stolen — probably with the help of an insider — the private keys associated with them. Having latched on the platform’s hot wallets, the hackers would go on to gradually drain the exchange’s depository, remaining unnoticed for almost two years.

Meanwhile, Bitcoin began to gain traction. Mt. Gox, powered by changes in back-end software implemented by Karpelès, won the sympathies of the exponentially growing community, which helped add thousands of new customers daily. The number of active accounts grew from 3,000 at the start of Karpelès’ term to almost 1.1 million in early 2013, propelling Mt. Gox to the status of the world’s largest cryptocurrency exchange, responsible at its peak for almost 90 percent of global Bitcoin trading.

Karpelès

A profile put together by Wired in the wake of Mt. Gox’s great meltdown of 2014 paints Karpelès as someone far removed from a crafty financial executive’s stereotypical image. At a time when the share of institutional money in the crypto industry and mainstream media attention afforded to it were both quite modest, it appears that it was still possible for Karpelès to run the world’s largest Bitcoin exchange in an almost makeshift manner, remaining more of a geeky developer than an organized CEO.

Many former-employee accounts highlighted inefficiencies and loopholes in the company’s organizational processes, such as a lack of any version of control software, as well as the fact that every change in source code required Karpelès’ personal approval — which was severely impeding the work of the development team.

An incident indicative of the CEO’s attitude occurred in the wake of the June 2011 hack, when prominent crypto entrepreneurs Jesse Powell, who would later become a co-founder of crypto exchange Kraken, and Bitcoin evangelist Roger Ver were summoned to Tokyo to help get Mt. Gox back online.

After several hectic days of troubleshooting, the platform was still down; yet, going into the weekend, both Powell and Ver were eager to keep on digging into the problem. Both were considerably puzzled when Karpelès failed to show up at the office on Saturday morning, telling them that he wanted to take a break.

‘Crypto heist of the century’

In this light, it doesn’t sound so incredible that Karpelès’ and his team were able to remain oblivious to the money being slowly drained from their accounts for two years. By mid-2013, Mt. Gox was stripped of almost all of its Bitcoin reserves. The Frenchman had most likely realized that there was a hole in the bottom at some point in 2013, but it wasn’t until late February 2014 that the company admitted to having lost 850,000 Bitcoin — worth around $460 million at the time and making up around seven percent of all Bitcoin in circulation.

For some time, the main puzzle around the ‘crypto heist of the century’ remained the question of where the money actually went.

A Swedish software engineer named Kim Nilsson, along with a handful of security experts — with whom he teamed up to form the company WizSec — have been subsequently credited with tracking most of the stolen coins down to the cryptocurrency exchange BTC-E. Allegedly, Alexander Vinnik, a Russian national who owned and operated BTC-E, was directly involved in laundering billions of dollars in Bitcoin — according not only to WizSec, but also a United States Department of Justice investigation. Yet, some observers were not completely convinced by the evidence presented in both reports, suggesting that some things do not seem to add up. Vinnik was arrested in Greece in 2017 and currently awaits extradition to either France (and then, possibly, to the U.S.) or Russia.

Full circle

In March 2014, Mt. Gox reported that 200,000 of the lost Bitcoin have been “discovered” in the old-format digital storage used before the June 2011 hack. Effectively frozen in the bankruptcy estate for the time of litigation, the assets were steadily climbing in value — on top of the manifold increase in Bitcoin valuation since 2014, the future owners of these coins will be entitled for equal amount of the fork offshoot Bitcoin Cash (BCH) — which has now far exceeded the value of the possible victims’ claims.

But here’s the catch: According to Japanese bankruptcy rules, the claims are to be valued at the April 2014 Bitcoin market price, something around $400 million total. In order for Mt. Gox’s creditors and debtors to benefit from the rest, it was essential to start civil rehabilitation — which was approved earlier this summer.

While certainly great news for thousands of the exchange’s creditors, the development might leave some critics concerned about its potential effects on the Bitcoin market in general. As Mt. Gox’s bankruptcy trustee has already been selling sizeable chunks of cryptocurrency over the last few months, speculations surfaced that the move might have been driving Bitcoin prices down.

Mark Karpelès has spent most of his time since 2014 dealing with the fallout from the Mt. Gox’s demise — including having to move every once in a while due to death threats, serving some time in a Tokyo jail before getting out on bail (he still cannot leave Japan) and facing numerous lawsuits in multiple jurisdictions, the latest being fraud allegations brought in front of a U.S. federal judge in Illinois, which Karpelès’ defendants have moved to dismiss.

As for Mt. Gox, the eventual payouts to the victims of its collapse could mark the end of its thorny path. It will certainly remain in history textbooks as a synonym for ‘dangers of cryptocurrency trading,’ engraved in the collective memory of the whole generation of early crypto adopters. Even though Mark Karpelès once mentioned that he was considering reinstating Mt. Gox under new management, perhaps a better way for it to reincarnate was expressed by one Twitter user:

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Police Arrest Hackers Alleged in $87 Million Crypto Theft

Chinese police from multiple cities have arrested three individuals who allegedly stole bitcoins and other cryptocurrencies worth around $87 million.

Chinese news agency Xinhua reported on Saturday that the three were busted on Aug. 15 in Hunan, Changchun provinces, and the capital city Beijing, respectively, after a months-long investigation launched by the police.

According to the report, a self-claimed victim, identified by his surname Zhang, first filed a complaint to the police in the northwestern city Xi’an in March that his computer was hacked and lost crypto assets worth around $14.5 million.

The police investigation, with assistance from several notable but unnamed internet companies, later located a suspect with the surname Zhou, who allegedly broke into Zhang’s personal computer remotely to transfer the funds.

As the investigation went on, the police further identified Zhou’s two other accomplices, who are both alleged to be highly experienced hackers.

The police further accused the group of having conducted a series of illegal cyber intrusion into corporation and personal networks to obtain crypto assets, with an initial estimation of 600 million yuan, or about $87 million.

While the investigation is still ongoing, it is a notable case given the significant amount of cryptocurrency assets that are reportedly involved.

It also comes at a time when Chinese police have stepped efforts to crack down cyber-crimes that relate to cryptocurrency.

Previously, police in China’s Dalian city also arrested 20 suspects from a computer technology firm who allegedly used crypto mining malware to infect over a million computers and reportedly earned more than $2 million over two years.

Chinese yuan image via CoinDesk

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Police Arrest Hackers Suspected of Stealing $87 Million in Crypto

Chinese police from multiple cities have arrested three individuals who allegedly stole bitcoins and other cryptocurrencies worth around $87 million.

Chinese news agency Xinhua reported on Saturday that the three were busted on Aug. 15 in the provinces of Hunan and Changchun and the country’s capital Beijing after a months-long investigation launched by the police.

According to the report, a self-declared victim, identified by the surname Zhang, first filed a complaint to the police in the northwestern city of Xi’an in March, alleging his computer had been hacked and crypto assets worth around $14.5 million stolen.

The police investigation, which received assistance from several unnamed internet companies, later located a suspect with the surname Zhou, who they claimed had made a remote attack to transfer the funds from Zhang’s computer.

As the investigation continued, the police further identified two alleged accomplices of Zhou that they said were highly experienced hackers.

The group was further accused of having conducted a series of illegal cyber intrusions into corporate and personal networks to obtain crypto assets initially estimated to amount to 600 million yuan, or about $87 million.

The arrests come at a time when Chinese police are stepping up efforts to crack down on cybercrimes relating to cryptocurrency.

Just a month ago, police in China’s Dalian city also arrested 20 suspects from an IT firm who allegedly used crypto mining malware to infect over a million computers and reportedly earned more than $2 million over two years.

Chinese yuan image via CoinDesk

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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California Judge Orders Accused Hacker to Pay Bail in Crypto

A Serbian and Italian national has been ordered to pay bail in cryptocurrency while he faces charges that he hacked the computer network of a San Francisco game company.

According to a news release from the United States Attorney’s Office, an FBI investigation found that an individual, later alleged to be Martin Marsich, had illegally breached the gaming firm’s network, gaining access to around 25,000 accounts through which users could buy in-game items.

As well as allegedly using stolen information to buy and sell in-game items, Marsich is also accused of selling access to the accounts on dark market websites, in total causing claimed losses of $324,000 to the company. The firm apparently closed the affected accounts after the intrusion was discovered, the report says.

The accused made an initial appearance at a federal court in San Francisco on Aug. 9, after reportedly being arrested at San Francisco International Airport while trying to board a flight to Serbia.

At the hearing, Magistrate Judge Corley said Marsich could be released to a halfway house on the condition that he hands over bail of cryptocurrency to the value of $750,000.

According to a report from The Daily Post, Assistant District Attorney Abraham Simmons said it was likely not the first time cryptocurrency had been allowed to be put up for bail, since judges can accept other assets such as real estate.

Simmons was quoted as saying:

“It really is quite broad. The judge could order just about anything. What the objective is is to get the defendant to comply with an order to appear later.”

Marsich faces a maximum sentence of five years’ imprisonment and a fine of $250,000 if found guilty, the Attorney’s Office says.

Handcuffs and bitcoin image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Nano (NANO) Coin Review: Latest Announcements and News

The 40th largest coin by market capitalization NANO could be ranked low compared to the most famous once, but its attraction is rising strongly.

Nano Events – News

Only two months have passed since the famous but mountain-sized hack of BitGrail.

Bitgrail has spoken tough on alleged hanky-panky game played by NANO team after around $195M worth of NANO was carted away by hackers on Bitgrail wallet, saying NANO is only “good on paper”.

Nano Team replied:

“From our own preliminary investigation, no double spending was detected on the ledger and we have no reason to believe the loss was due to an issue in the Nano protocol. The problems appear to be related to BitGrail’s software,” the team stated.

Following it, Nano [NANO] cryptocurrency experienced another drastic incident when the digital currency lost 90% of its valuation. However, despite all the downs encountered by Nano [NANO], there are reasons for accepting the coin as a keeper.  What makes the rebranded RaiBlocks standing is its simplicity and being very efficient.

Showcasing transaction fees equal to zero, its attractiveness towards acceptance and adoption grows largely. Transactions are initiated via the NANO token in which case the amount received is = with the amount paid.

Wallet

The long awaited release of mobile-capable wallets was announced on June 22 by the NANO Team. Android first then IOS was released several days over. In addition to the mobile release, the Team announced open source downloads for Windows, MAC and Linux, praising the community for helping in the development of the wallet dating back to last year.

Binance Ranks Nano 1st

While all users of NANO know of the fast transfer speed, the currency is finally gaining recognition against its peers in terms of transaction usability.

Anything Crypto, a website which compares exchange speeds and costs, has published their rankings for the fastest coins on Binance. Unsurprising to the NANO community, their currency came in first.

Supportive of e-Sports Team

Even that Nano enthusiasts and investors have witnessed a drastic price drop since the January-record levels, its community circled together to support a Spanish e-Sports team.

Under the umbrella of The Nano Center:

“a community born collective with the express aim of promoting Nano and its virtues to as wider audience as possible,”

NANO followers set competitive gaming under radar for marketing while welcoming more attention towards the speediest coin out there.

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1 Million Computers Hacked to Mine $2 Million-Worth of Cryptos

Cryptocurrency mining malware that infected over a million computers in China reportedly earned its creators more than $2 million over two years.

According to a local news report on Monday, police in China’s Da Lian city have arrested 20 suspects from a computer technology firm who allegedly gained control of the large number of computers in order profit from illicit cryptocurrency mining.

The hackers created and embedded the malware inside internet browser plug-ins they developed for various purposes, such as enhanced browsing speed, which were shown in display ads that reached 5 million computers in the country.

By clicking the display ads and installing the plug-ins, over a million computers were subsequently infected, mining a total of 26 million digibyte, decred and siacoin tokens over the course of two years, according to the police.

The hackers apparently opted to mine more minor cryptocurrencies since they don’t require such significant amounts of computing power, allowing the back-end mining process to be quieter and less likely to be spotted by victims.

The report also indicated the hackers developed a network of more than 100 agents to help propagate the illicit mining software, such as through working relationships with internet cafes.

The news follows a previous report in which another group of hackers was also busted in China for allegedly colluding with local computer maintenance firms to hack into over 100,000 computers owned by internet cafes – also to mine the siacoin cryptocurrency.

Computers image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Korea's Exchange Hacks: What the Country's Crypto Scene Is Saying

The past two weeks have seen two South Korean exchanges get attacked and robbed, sparking commentary and critique among the country’s local cryptocurrency community.

It began with the Coinrail hack on June 9. At the time, the popular South Korean cryptocurrency exchange tentatively announced a “cyber intrusion” that saw the loss of $40 million worth of cryptocurrencies.

The exact number and amount of tokens taken from the exchange have yet to be confirmed by the company itself, though a third-party firm assisting Coinrail gave a few estimates in a blog post the following day.

If that wasn’t enough, on June 20, Bithumb – South Korea’s largest by trade volume – also announced a major security breach in which $31 million was reported to be lost. In a post published on their official website the same day, Bithumb reassured customers that their assets were now securely stored in offline “cold” wallets unreachable to hackers and the stolen funds would be fully reimbursed.

Combine this environment with a recent bearish market trend taking the price of bitcoin down in a way not seen since 2014 and you get the kind of social media uproar that questions just about everything.

As one Korean cryptocurrency skeptic tweeted:

Along the same lines, @marco20bil mocked a past Coinrail advertisement boasting its security by uploading a picture of the ad and tweeting at the company:

Anyone would look at this and see it as an insider act, no? Please catch the culprit and restore the platform back to the original state as soon as possible…You said there is no vulnerability of being hacking in an advertisement. Are you joking me right now?”

Digging Deep

For most, it’s not a matter of tech security – that’s a given for those that care – but rather about the people who operate the exchanges behind the scenes.

As @leejongsul78 puts it:

Indeed, much of the community’s ire has been pointed toward those operating the exchanges.

One user, @dongjinkim5, addressed Bithumb directly in light of their urgent notice Twitter announcement to users on June 19, pleading:

Another accused Coinrail of withholding information about what actually went down during the hack.

As might be expected, some of the furor devolved into the downright conspiratorial. For example, one user emphasized the possibility Bithumb may be creating a cover-up by claiming it had been robbed through a hack.

No strangers to risk

As far as answers go, the community can only watch and wait as the investigations unfold.

And as it stands, the government of South Korea is doing some of the heavy liftings there: the Korea Internet and Security Agency (KISA) and the Ministry of Science, Information, and Communication Technology are currently in the process of investigating both hacks, but have yet to make any public disclosures on their findings.

But South Koreans are no strangers to the riskiness of crypto markets, as just last year, another notable cryptocurrency exchange, Youbit, was hacked for a reported $73 million worth of bitcoin, and subsequently, filed for bankruptcy last December.

Nor are South Koreans quick to accept these incidents as merely cyber-related heists by criminals out for the money.

As reported by the Wall Street Journal, speculation arose around the possibility of the true culprit behind the Youbit hack being none other than their adversarial counterpart, North Korea. It has been reported from other sources that this is by no means the first time the South Korean National Intelligence Service has suspected North Korea to be behind cryptocurrency hacks as a method to evade financial sanctions.

One of the alleged targets was Bithumb, which reportedly saw $7 million pilfered during a string of attacks last year.

Still, the avid support of cryptocurrencies in South Korea remains strong, and while the fallout of past weeks events is still taking shape, eyes are not only looking to South Korea, but to the world.

As one South Korean cryptocurrency trader, @sunghq2, put it:

The price impact that the Bithumb hacking will have is determined by the West’s reaction to the incident amplifying Asia’s reaction, which then impacts Asia’s reaction, impacting the West’s reaction, and back and forth.”

It’s just like that (slightly amended) famous saying goes: Back and forth the crypto markets go – where it’ll stop, nobody knows.

Editor’s Note: Statements in this report have been translated from Korean. Not all statements are fully translated. 

Gangnam image via Shutterstock 

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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“Crypto Exchange Ranks” Goes Live This Monday

Hacken has taken very seriously the topic of security in the world of blockchain technologies. The company which aims to build a White Hat Hackers community is ready to launch “Crypto Exchange Ranks” (one of its most expected services) as a new service for clientes worldwide.

The group behind Hacken has gained a reputation within the cybersecurity industry for the approach they decided to take. Instead of offering their services privately, they did so through an ICO that promotes a kind of “social network” of hackers.

This social network would handle a number of tokens to be given to those who get bugs, fix security flaws, etc.

Crypto Exchange Ranks: A Great Tool For Traders

However, a more common user-oriented service is Crypto Exchange Ranks.

The tool is very useful for traders and non-savvy crypto users as it classifies exchanges according to certain criteria giving them a ranking from 1 to 10.

Crypto Youtuber “Boxmining” explains that the criteria used by Crypto Exchange Rank go beyond the purely technicals:

“What they are doing is they’re building up a ranking system and getting data from exchanges, both from in terms of the security peerspective, the socials perspective and even from the trading perspective”

This gives traders the opportunity to learn more about a broader range of issues than they would normally consider.

As an example, while some traders would be interested in knowing how safe an exchange is, some scalpers would prefer to focus on the trading volume.

Screenshot of the Crypto Exchange Ranks Website

Another important feature within the framework of services offered by Crypto Exchange Ranks is the ability to compare crypto prices on up to 5 different exchanges.

This option is a very useful for those who want to practice arbitrage by quickly earning some money by moving their crypts from one exchange to another.

They will also offer the option of balance monitoring on different accounts as a kind of all-in-one solution for users.

A Better Future for Crypto Trading

Dmitriy Budorin, CEO of Hacken is quite optimistic not only about the future of his platform but also about the potential of the Cryptocurrency Exchange Ranks in developing healthier crypto trading:

“Cryptocurrency exchanges are the backbone of the whole emerging crypto economy. CER will contribute to its healthier development. We hope that with CER, the exchanges will start taking their cybersecurity more seriously and refuse any bad practices, while users will receive comprehensive tools for smart decision making”.

Dmitriy Budorin

Version 1.0 of Cryptocurrency Exchange Rates will go live this Monday, will be available free of charge at the time of launch before moving to a subscription-based business model.

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51% Attacks for Under $1000: New Site Shows Alarmingly Low Attack Costs

A Reddit user posted a website they made displaying the staggeringly low costs of carrying out a 51% attack on coins with few nodes or low security. Bytecoin could be taken over allowing users to double-spend the same funds twice for as little as $557 an hour, while Bitcoin Gold could be attacked for $3,800 an hour.

Other sites have tackled the 51% attack cost estimates before, but with a fatal flaw: They assumed the attackers were buying the hardware, when really it can just be rented remotely. While the hardware required to attack the Bitcoin network would cost $1 billion with hourly electricity costs of $500,000, other coins are not quite as secure.

The NiceHash service allows users to rent hashing power to mine cryptocurrency, providing the vast server farms necessary so the users can avoid the astronomical capital investment costs. NiceHash only has 2% of the hardware required to attack the Bitcoin network, but other currencies are well within reach.

What is a 51% attack?

Bitcoin was designed with the Proof of Work system which requires people to verify transactions with by using powerful computers to guess the number to complex algorithms. These people are called miners, and the more miners there are, the more difficult the algorithms become and the more processing power is required to run the network. This makes it very expensive to consider attacking large networks: Bitcoin alone uses more electricity than the island of Ireland.

The method of guessing numbers is called hashing, and the number of guesses a miner can make is called the hash rate. A miner or mining group controlling 51% of the hash rate is essentially in complete, non-competetive control of the entire network. Let’s say an attacker is in control of “X-coin”. They could send their X-coins to an exchange and trade them for Bitcoin, and then eliminate the transaction history from the blockchain history, leaving them with the original X-coin amount and the new Bitcoin as well.

If the figures are accurate, this is a major security concern for many different alt-coins using the Proof of Work system. The Proof of Stake system could theoretically be subjected to a 51% attack as well, but attackers would need to purchase and stake approximately half of the total coin supply. Buying coins drives up the price, making it very expensive to acquire half – it also makes it difficult to estimate the cost of an attack.

Charlie Lee of Litecoin is among the many people concerned at the figures displayed on the Crypto51.app website.