A Strange Cryptocurrency Heist Ends In $500,000 Of Ethereum Classic Stolen
One weird trick that bankers hate just purloined half a million dollars (or perhaps as much as $1.1 million) for a cryptocurrency miner, which gives us a great excuse to talk about heists, make “one weird trick” jokes, and use silly “hacker” stock images. But the way in which the money was stolen is particularly strange.
The money was stolen in Ethereum Classic (ETC) currency using a “51 attack” which appears to have peaked once on Sunday and again on Monday. A 51 attack is when one person (or several working together) control more than half of a cryptocurrency blockchain’s computing power. That person can then “roll back” transactions that have already occurred, meaning they can spend the currency and then erase records of their spending or otherwise alter records to benefit themselves.