A Malicious “51% Attack” Hit Ethereum Classic, The Loss Allegedly Accounts For $460 000

An operator of Ethereum Classic mining pool has confirmed that a 51% attack has hit ETC network on January 7. This attack refers to a malicious attack on blockchain when hackers obtained more than 50% of mining hashrate of network.

The hackers got the ability to reorganize blocks and even replace them on blockchain, moreover, the culprits are able to “double spend” coins, i.e. the same coins can be transferred several times.

The rumours that ETC has been experiencing a hacker attack originally appeared on CoinNess, Chinese journal on the 6th of January. The report says that SlowMist, Chinese blockchain security firm, was the first to notice the attack.

The article reads:

“The ETC community followed up on the development of the incident immediately and learned that there is a private mining pool…that achieves more than 50% of the total network hashrate at certain times.”

The spokesman of Ethereum Classic has responded in Twitter, saying the network “operated normally”.

However, in just a few hours, the representative asked all mining pools to “allow a significantly higher confirmation time on withdrawals and deposits (+400).”

Later, without any confirmation or comment, the official account of Ethereum Classic retweeted the report made by Chinese journal.

On January 7, the cryptocurrency exchange Coinbase has posted a report saying that they detected this attack on the 5th of January. Mark Nesbitt, Coinbase Security Engineer, who wrote that report, stated that since the disclosure of malicious attack, there had been 8 chain reorganizations worth approximately $460,000.

Ethereum Classic refuted to the report of Coinbase, claiming that the later did not “connect  with ETC personnel regarding the attack.”

While it is still unknown who was the first to detect the malicious attack and what are the consequences of it, we want to remind you

The Dark Overlord Threatens To Reveal The Truth of 9/11 Attacks Unless Ransom in Bitcoin is Paid

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Bitfury Launches Open-Source Music Platform Based on Blockchain

A UK-based mining firm, The Bitfury Group, has announced that it will launch a music platform which operates on the blockchain technology. This idea is not new, as  many other tech companies also tried to do such a platform.

The platform, named SurroundTM, will become a helpful tool for every musician, as it plans to create a new environment where it is much easier to manage the musicians’ affairs. In particular, the platform will simplify the process of transfer of copyright assets, the user will be able to see his/her output. Bitfury believes that SurroundTM will implement blockchain into music industry much further than anything ever before.

The CEO of the Bitfury, Stefan Schulz, commented:

“There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional point of view.”

The company has offices in Europe, yet, it plans to expand the service and  establish offices in Tokyo, LA, Moscow, and Seoul. It also seeks the possibilities of providing a digital system for both monetizing and sharing intellectual property.

We remind you:

WordPress Launches Beta Version of Publishing Blockchain Platform

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

The First Ever Joint Arabic Cryptocurrency: Details of the Collaboration Between UAE and Saudi Arabia

As we mentioned before, two major islamic states, United Arab Emirates and Saudi Arabia, agreed to cooperate on a joint project, namely a digital currency that will fuel cross-border transactions between the two countries.

We remind you:

Saudi Arabia and United Arab Emirates Will Release a Joint Cryptocurrency

The project is actively being developed. According to Emirates News Agency, the Executive Committee of the Saudi-Emirati Coordination Council had a meeting in Abu Dhabi to discuss the course of future work.

16 representatives from both countries took part in the meeting of the Committee.

The main point of discussion was the Strategy of Resolve which contains “seven strategic initiatives that reflect the bilateral integration in the fields of services and financial markets, tourism, aviation, entrepreneurship, customs and security, among others.”

Also, the pilot version of the joint Arabic cryptocurrency was launched during the meeting. The new token “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments.”

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Cryptocurrency Prices Today, January 21: Cryptocurrencies Fell into the Red Zone

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 4.2% in the past 24 hours. The price at the time of writing is $3527 per coin.

The other cryptocurrencies are also declining:

Bitcoin Cash lost 5.28% over the past 24 hours and costs $121 per coin;

Ripple dropped by 3.32% and is $0.31 in price;

EOS decreased by 4.66%, and its price is $2.36;

Litecoin fell by 7.04%, and its price is $30;

Cardano lost 5.63%, and its cost is $0.042;

Stellar decreased by 5.02% and costs $0.10;

IOTA lost 4.68%, and its cost is $0.30;

Dash dropped by 5.21%, and its price is $69;

Monero became cheaper by 4.22% and costs $44.

Over the past 24 hours, Ethereum lost 5.42%. The exchange rate of the coin is $117.

The total market capitalization rose to $118 billion. Bitcoin accounts for 52.5% of the total volume. In monetary terms, this is $62 billion.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

WordPress Launches Beta Version of Publishing Blockchain Platform

WordPress is planning to develop and launch a special publishing resource that will work on the blockchain technology. It is already known that the developers will call the platform Newspack. It will be free to post materials. The creators of the platform are confident that the use of blockchain in this case will affect the development of journalism.

The development of modern blockchain blogs

Now the developers are preparing the beta version of the platform for launch, which is planned for the middle of this year. However, anyone can already put the resource to the test. The feature of Newspack is that it will have its own version of CMS, which will allow editing content directly on blockchain. This will not affect CMS negatively, but vice versa will expand possibilities for ordinary users.

Until launch of the platform, the project will be financed by Automattic, and after all the users will be charged $ 1-2 thousand per month. There will also be a free version available, which will have limited functionality. The end of the platform development including the integration of all additions is scheduled till January 2020.

According to the information posted on the WordPress blog, Google will finance the platform, investing more than $ 1.2 million in its development. Civil Media’s progress is supposed to be used in order to use various plugins for CMS blockchain version.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

We remind you

YouTube Will Remove All Videos with Dangerous Pranks and Challenges

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

WWF Will Handle the Supply Chain with the Help of Blockchain

The Australian division of World Wildlife Fund has decided to integrate the blockchain technology into its supply chains in order to track down and store data on various kinds of food.

WWF partnered up with the company BCG Digital Ventures to create a blockchain-based platform called OpenSC and bring the plan into reality.

According to the official announcement of WWF Australia:

OpenSC enables businesses to track their products – anything from food to tissue paper – by adding a unique blockchain code at the product’s point of origin, such as the moment a fish is caught at sea.”

Moreover, OpenSC will allow its users to scan a special QR-code on the food they want to buy in order to see the information on a specific product: from its properties to how it traveled in the supply chain.

This is not the first time an organization or company of a global scale is turning to the blockchain technology. We remind you:

Ford Will Fight Child Labor in Africa Using Blockchain

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/