Hacker announces an upcoming 51% attack against Einsteinium

08 Oct, 2018
by Richard Allen
News
Hacker announces an upcoming 51% attack against Einsteinium

Someone by the name of piracy1 has posted on Hacker News that they are intending to launch a 51% attack on cryptocurrency Einsteinium on October 13, 4:00 EDT.

YouTuber Jackson Palmer explained that Einsteinium is a Proof-of-Work-based coin that was created during a time when forking Bitcoin was popular. As such, Einsteinium is based on the Bitcoin source code. Additionally, Einsteinium uses Scrypt, which is the same algorithm used by Litecoin and Dogecoin.

Crypto51, a website that shows the theoretical cost involved in launching a one hour 51% attack on a certain network, shows that an attack against Einsteinium would cost around $24. Additionally, being based on the Bitcoin source code makes launching a 51% attack that much easier.  

According to the post, piracy1 says there are two main reasons for the attack. Firstly, it’s to demonstrate how easy it is for someone to do. Secondly, it’s to “teach people about the nuts and bolts of these attacks.”

The announcement was met with mixed reactions with one user, hobofan, saying, “A 51% attack against small blockchains is like taking a lollipop from a toddler.”

Piracy1 stated that the attack will be live-streamed on Twitch, and is asking for donations. If enough is received, he might target Vertcoin instead which has an estimated cost of around $382.

However, whether or not this is just an attempt to scam people out of some money is unclear. If it’s real, though, it could be interesting to watch.

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Read more about: Einsteinium (EMC2)

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