ForexMinute.com – Renowned tipping cryptocurrency Reddcoin is now under a 51% attacks, claims an ongoing thread on Reddit. Posted by ThatDandyMan, the thread reveals many cases in which users are not able to confirm their mined blocks, probably because someone powerful is preventing it. The thread claims that this unknown identity to have 80% of the hash power, through which it is manipulating the transactions.
In most of the cases, users are found to have successfully transferred their coins from cryptocurrency exchange platform Cryptsy to their respective online/offline wallets. But the wallets however are showing them unconfirmed.
Experts meanwhile have advised the community to not perform any Reddcoin transactions. There can be a chance of its block chains to be forked, which simple justifies the reason why wallets are not confirming the transactions. On the other hand, there can be a chance that security protocol at Cryptsy has been compromised. There are many queries they, and the Reddcoin developers, need o answer before taking any action, like if there is any fork currently being implemented on the block chain; or why the transactions that seem confirmed for few hours go back to being unconfirmed on wallets; or are the lost coins recoverable; etc.
There has been no explanation however from the cryptocurrency exchange yet.
Meanwhile, miners are requested to add hash pool to increase the cost for a 51% attack. An expert of Reddit further adds, “Every additional hash to the network translates to an increased cost for a 51% attack but I really don’t know why someone would try this kind of attack with the preventive measures implemented by all major exchanges. Maybe is someone trying to lower the Reddcoin market price but this person would need to do some serious buy to make this attack profitable.”
We will keep you updated with this event as soon as more facts get unearthed.
To contact the reporter of the story: Yashu Gola at email@example.com
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