On Oct 13, 3:00 CDT, 4:00 EDT 1:00 PST I’m going to do a 51% attack against the cryptocurrency Einsteinium
Such a statement was posted by the anonymous hacker. He is going to gain control of the huge share of the altcoin hashrate to demonstrate how easy it is. Hacker, speaking under the name piracy1, promises to broadcast the event live on this link.
Over the past three months, 51% have undergone a series of altcoins, including Bitcoin Gold and Verge, and the latter did not hold out twice. Now, the Einsteinium (EMC2) has come to the attention of the hacker.
Piracy1 named the following motives of the planned attack: 1) to show that such attacks are within the reach of everyone; 2) demonstrate how the 51% attack occurs and how to minimize the damage from it.
The choice of EMC2 as a test subject is not accidental. There is hardly any other altcoin that could potentially be attacked just as easily. Einsteinium turned out to be the third worst altcoin of the year: its price decreased by 97% in comparison with the historical maximum. Accordingly, the hashrate of this cryptocurrency is also very small, which makes it vulnerable to attacks.
The monetary benefit of attacking a coin like the Einsteinium is likely to be scanty. All indications are that the hacker is not planning double spending.
