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Once Hailed As Unhackable, Blockchains Are Now Getting Hacked
Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase's popular exchange platform. Its blockchain, the history of all its transactions, was under attack. An attacker had somehow gained control of more than half of the network's computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once -- known as "double spends." The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate.io, has admitted it wasn't so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).
Just a year ago, this nightmare scenario was mostly theoretical. But the so-called 51% attack against Ethereum Classic was just the latest in a series of recent attacks on blockchains that have heightened the stakes for the nascent industry. [...] In short, while blockchain technology has been long touted for its security, under certain conditions it can be quite vulnerable. Sometimes shoddy execution can be blamed, or unintentional software bugs. Other times it's more of a gray area -- the complicated result of interactions between the code, the economics of the blockchain, and human greed. That's been known in theory since the technology's beginning. Now that so many blockchains are out in the world, we are learning what it actually means -- often the hard way. |
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| Eleni Zaude Gabre-Madhin |
Like its agriculture, Africa's markets are highly under-capitalized and inefficient. We know from our work around the continent that transaction costs of reaching the market, and the risks of transacting in rural, agriculture markets, are extremely high. In fact, only one third of agricultural output produced in Africa even reaches the market. |
| Carl Hagelin |
I had more friends on my hockey team than I did on my soccer team. I might have been better at soccer, to be honest. But I think it was more the friendship, and my family was more of a hockey family than a soccer family, so when I had to make a decision, I tried hockey, and it turned out to be a good decision. |