2016/09/03 10:35 PM

Small blockchains/coins are being targeted by a novel 51% attack that is holding these fledgling cryptos infrastructures hostage.

Also read: TAO Network Raises $100K for Music Industry Blockchain Project

Extorting Blockchains via 51% Attack

The attackers, calling themselves the “51 crew” are overpowering small blockchains with more hashing power and by DDoSing other nodes.download

It seems as though the attackers are specifically targeting Ethereum-based blockchains as the cryptocurrencies, Krypton (KR) and Shift, both Ethereum type coins, were threatened with a hack if they didn’t pay a ransom to the attackers.

Before these cryptos were hacked, the group of attackers had warned Krypton’s founder, Stephanie Kent, by sending her the following message:

“We have a chain going on Krypton that we can fork at anytime. It is 7000-8000 blocks because Bittrex wallet was down 2 days ago. While we do want to make bitcoin our intention is not to wreck a…

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