Date: 5 months ago   Category: Economy

The cryptocurrency exchange lost $500,000 because of the attack of 51% for AurumCoin


The little-known AurumCoin (AU) cryptocurrency claims that it underwent the attack of 51% as a result of which of a purse of the cryptocurrency exchange Cryptopia in which listing there is a cryptocurrency, 15,752.26 AU (about $580,000 for the moment of writing of this article) disappeared. Therefore developers of cryptocurrency transferred fault for losses to the Cryptopia exchange. On the website AurumCoin claim that they do not bear responsibility as it is a coin with the open code. On the other hand, Cryptopia did not recognize any losses yet.

Developers assure that AurumCoin (AU) is the cryptocurrency supported by gold where each token is tied to the cost of 0.75 grams of gold which is stored in safe storages worldwide. Since 2014 the network works at own blockchain where AU can be mined (despite the mentioned binding to gold) with the maximum capitalization at a rate of 300,000 coins.

Besides, the price of AU is extremely unstable, and it would be desirable to expect the return from the cryptocurrency supported by gold. Now AurumCoin (AU) costs $35.69, having increased approximately by 4% in the last 24 hours. Only for last week AU grew almost by 400%, from $9.50 to the current price. we Will remind

that "the attack of 51%" is that capacities more, than in all rest of network, some kind of "controlling stake" of the generating capacities have to be at the disposal of attacking. It confers powers to control transactions, including the termination of new operations, the return operations and double expenses of coins. In the past it was shown how easy the attack of 51% for small cryptocurrencies is.

Having market capitalization of all in $10 million, AurumCoin was an easy mark. The hacker directed to Cryptopia 15,752.26 AU and sold them for other cryptocurrency. As soon as transaction was made, the hacker, allegedly, used the hash power for transaction cancellation as if it never was. The cryptocurrency exchange Cryptopia from New Zealand is the popular platform known for what adds to listing many coins with small capitalization.

Though Cryptopia does not recognize that the attack happened, AurumCoin published the following statement on the homepage of the website: The AurumCoin (AU) network was hacked (the attack of 51%), in total 15,752.26 AU are absent in a purse of Cryptopia (cryptopia.co.nz). The AurumCoin network does not bear responsibility as it is a coin, as well as bitcoin, cryptocurrency with the open code. Worst of all, that the Cryptopia exchange does not recognize it. It is not a way to solve a problem. It is unclear, what actions are expected from Cryptopia by AurumCoin developers. They persistently claim that Cryptopia was cracked. However the fact that AurumCoin had no hash power to prevent 51% the attack which led more than half a million dollars to loss of Cryptopia. Recently the Bittrex exchange of a delistingiroval Bitcoin Gold after loss of means through the similar attack of 51%.

Is interesting that according to the website of the Cryptopia exchange, since the beginning of October was not processed any

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