Categories: CryptoNews

Krypton Drops Ethereum Blockchain Due To “Deadly Exploit”

The entire story about Krypton is a rather interesting one. Although the cryptocurrency survived a 51% attack, the team decided to switch the codebase for their blockchain. Instead of using the Ethereum chain, Krypton will now use Bitcoin.An interesting decision, considering 21,465 KR has been stolen.

What Is Krypton Up To?

It is very uncommon to see a cryptocurrency project switch from one blockchain to another. After Krypton had been attacked not once but twice in the past few weeks, the developers had a sudden change of heart. It appears as if they do not deem the Ethereum blockchain worthy anymore, and switched to Bitcoin.

During these attacks, over 21,000 KR have been stolen by the 51% attack group. There is no word on where this funds ended up or how it will be used. One thing is certain: it will not be returned to the rightful owners. Coming up with a solution to this problem is a lot easier said than done.



Interestingly enough, the Krypton team feels the exploit used to steal these coins is inherent to any Ethereum-based cryptocurrency. Although the exploit was only revealed recently, it is possible the criminals will exploit it again. In fact, the majority of Ethereum clones will be defenseless against this attack, unless they have a lot of hash power at their disposal.

Related Post

“It is for this reason, Krypton has decided on the following temporary course of action to protect KR from being stolen from exchanges through a double spend: Krypton is moving KR from an Ethereum-based proof-of-work blockchain to a Bitcoin-based proof-of-stake blockchain.”

It is not the first time worrisome code exploits are found on the Ethereum blockchain. The DAO lost millions of funds due to a known bug, which was never addresses by the developers. When Ethereum Classic was split from the “main” branch, replay attacks became a new attack vector. Once again, an issue the Ethereum developers were aware of well before it even became an issue.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Ondo Facilitates Big Banks’ Connection to Blockchain in Historic Settlement

A crucial development is taking place at the intersection of legacy finance and blockchain as…

1 hour ago

Morgan Stanley Adds Crypto Trading To E*Trade With Aiming Millions Of Retail Investors

Morgan Stanley is taking a big step into digital assets space with the launch of…

2 hours ago

Brian Armstrong Sets Course for AI-Driven Transformation As Coinbase Cuts 14% of Workforce

Coinbase is about to undergo one of its largest structural reorganisations in some time, with…

12 hours ago

$150M Crypto Ponzi Scheme Crumbles, Forming Global Fraud Network As Investigators Freeze $41.5M

The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…

12 hours ago

BlackRock And Fidelity Lead $532 Million In Institutional Bitcoin ETF Inflows As Demand Soars Following Ceasefire

Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…

1 day ago

Western Union Launches USDPT Stablecoin on Solana to Transform Global Payments Infrastructure

Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…

2 days ago