Krypton, an Ethereum-based blockchain, has announced that in order to protect its token coin KR from being stolen from exchanges through a double spend it has decided on a temporary course of action.
In an announcement today, founder of Krypton Stephanie Kent said:
Krypton is moving KR from an Ethereum-based proof-of-work blockchain to a Bitcoin-based proof-of-stake blockchain.
The 51% Crew
Last month, the Krypton blockchain was attacked twice by an anonymous group known as the 51 crew.
They were able to utilize a deadly blockchain exploit that was a two-step attack. The first step was overpowering the network with at least 51 percent of the hashing power to enable a roll back on transactions, and subsequently spending the same coins twice. The second step was employing DDoS nodes to increase network power.
The hackers were able to steal 21,465 KR.
According to Kent, this exploit exists for all Ethereum-based blockchain coded in golang and targets chains with overall low network hashing rates of 100GH/s or less. Shift, another Ethereum type coin, has