Blockchain, Featured

2019 Begins With Ethereum Blockchain Hacking, Affects Crypto Trades Massively

2019 has not begun on a positive note for Ethereum blockchain which has been hacked lately. As per the latest reports, it is updated that the attack on the blockchain-enabled network might have helped the hackers to steal a whopping $1.1 million worth of the currency. The figures have been quoted by the market-leading renowned cryptocurrency exchange Coinbase.

Ethereum classic is also known as the original form of this blockchain network. There have been similar attacks in the past as well which led the developers to create a higher novel version which had helped to retain cryptocurrency worth $50 million in hacking done two years back. However, the ones who updated their version were saved this time but the users who continued using the same old version have been affected by this attack. The market cap of Ethereum Classic is said to be about $500 million while the new one is likely to be around $15.5 billion.

The probability of hacking a blockchain is very much possible in a case where a single miner is taking the control of half or more than that of network’s computing capacity. In a way, the miner can create an alternate version of authoritative Ethereum blockchain in which the users remain unaware of the fact that the payment doesn’t happen, as mentioned by Technology Review.

The operation of this affected blockchain network has already been paused with immediate effect. The trading related to this platform has been suspended for an uncertain period.

2019 Predictions For Cryptocurrency And Blockchain

According to Express, Ethereum has come out as a tough competitor of Bitcoin in the last few months and it might possibly overcome the market price of Bitcoin this year. Indeed, it has never been able to match the market cap of Bitcoin but the investors seem very much excited with the blockchain projects. There might be an influx of huge investment in Ethereum blockchain in 2019.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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