Hacker To Livestream 51% Attack Against Einsteinium Cryptocurrency
The hacker under the nickname GeoCold tweeted that he will soon conduct a 51% attack against the digital currency Einsteinium (EMC2) in order to show the vulnerability of its security system.
Oct 13, 3:00 CDT (8:00 UTC) I'm doing 51% attacks against real live CryptoCurrencies and explaining the whole process on twitch. https://t.co/JQm34LrvhW— GeoCold "Mischief-Maker" (@geocold51) 8 октября 2018 г.
According to GeoCold, the hacker plans to livestream the attack at 8:00 (UTC), October 13. The anonymous revealed the main reasons for deciding on this action to users on his channel in Twitch service.
The hacker will demonstrate to the channel viewers the simplicity of the 51% attack process, which is to gain most of the hashing power to close the blocks in the cryptocurrency system. Thus, a crypto scammer uses, for example, double spend transactions, and when one person controls more than half of the hashing power, the system automatically recognizes even transactions contradicting the protocol.
GeoCold stated that one of the key reasons for the 51% attack is the desire to explain to people the principle of such control over the system and discuss possible ways to eliminate negative consequences.
EMC2 is a fairly easy target for hackers who carry out 51% attacks, Bitcoin.com reports. According to this year’s data, the Einsteinium cryptocurrency became one of the most unprofitable assets, losing 97% of its maximum value.
GeoCold also urged users to make donations to buy enough hashing capacity to conduct an attack against Vertcoin. The required amount varies from $300 to $500.
As previously reported, Elizabeth Stark, CEO of Lightning Labs, suggested that fraud cases using a double-spend scheme will increase, as well as the number of 51% attacks.