2016/08/27 5:00 AM
Smart contracts platform Krypton is recovering from a 51 percent attack this week that saw 21,465 of its tokens exchanged for bitcoin and double-spent.
Also read: Industry Report: Banks Trying to Beat Bitcoin
According to the fledgling project’s founder and project manager Stephanie Kent, the attack was a “two-pronged” effort involving rented hashing power and a DDoS attack on existing nodes to multiply the hashing advantage even further.
The attacker sent more than 21 thousand Krypton (KR) tokens to the Bittrex crypto exchange, sold them for bitcoin, then used the majority hashing power to roll back the transactions.
Financial Return of Krypton Attack Relatively Low
The KR token, despite low liquidity, saw a sharp rise in price on exchanges Bittrex and Yobit in the first week of August, reaching a high of around 0.000368 BTC. The value at the time of the attack dropped from that figure, making the double-spend haul in…