- Another major crypto hack looms with the Ethereum Merge on the way.
- Security experts have identified two hacks categories, which can take place during and after the merge.
- The industry has been riddled with jarring attacks recently, and a new wave of attacks could deal even more damaging blows.
Digital asset hacks have always been around, and they may not be going away anytime soon as blackhat hackers have Ethereum in their crosshairs.
The much anticipated Ethereum Merge is upon us in just a matter of days. The Merge would see the blockchain transition to a proof-of-stake mechanism making it faster, more efficient, and less energy-consuming.
While there are all praises for the network upgrade, security experts have expressed concerns about what they believe could go wrong with the network should bad actors have their way.
The first security breach that could occur during the merge is the replay attacks. As the merge upgrade is carried out, assets on the Ethereum blockchain will be duplicated. The main assets will be on the post-merge mainnet, while the duplicated assets will still exist on the proof-of-work network. On the surface, no issue may arise, but users may be tempted to sell these copy assets for a profit and may end up selling the main assets.
Bad actors can also lure users into selling to them, knowing they will purchase the main assets. The deceit is a replay attack as bad actors will duplicate transactions to scam users.
Marius Van der Wijden, Ethereum developer, has stated that there will be no problems with the replay attacks due to the Merge. However, users are being urged to do absolutely nothing during the period to avoid being scammed due to uncertainty.
The merge will go on for about 12 minutes and will see a pause on most exchanges to avoid scams. About 150 developers at Ethereum would be on a high alert to detect bugs and have assured that no funds would be at risk.
Post-Merge security challenges
The fraud that can happen during the Merge has a lifespan of 12 minutes, but the real issue could also occur after the merge. It is a well-known fact that proof-of-stake has its advantages in terms of speed and efficiency; however, several security experts argue that the proof-of-work mechanism is a more secure consensus model.
As node validators are informed of the block to validate, they can plan an attack on the blockchain. The security experts who asked not to be named explained that Ethereum is forgoing a level of security for efficiency and speed as bad actors can gain control of two blocks, although this is unlikely.
Registered crypto users in Brazil are increasing at a consistently steady pace, despite the bear market rearing its ugly head. Based on latest data, the South American country has tallied more than 1 million registered crypto accounts for the month of July alone, adding to its nearly 35 million users, Brazilian tax authority Receita Federal […]
The story of Silk Road and its creator Ross Ulbricht are inextricably linked to bitcoin’s history. In February 2011, the dark web black market was one of the first web stores to go bitcoin-only, providing an undeniable use case for the bitcoin network as a payment rail. On the other hand, the Silk Road stained […]
Crypto prices immediately came crashing down after Federal Reserve Chairman Jerome Powell announced they are increasing interest rates during an economic summit on September 21. Now, in a not-so-delayed reaction, the United Nations is calling on the U.S. central bank and other large western regulators not to continue raising their interest rates, a UN agency […]
LBank, a major cryptocurrency exchange, recently debuted a long-awaited brand-update video on its official YouTube channel. The video provides comprehensive information about recent updates and plans. In addition to the brand reveal, a diversity video was also made available. This will launch a brand-upgrading campaign for the following two months. The video’s 22 minutes covered […]
Saitama Inu crypto is a new entrant in the market. It is a token that promises to bring some much-needed excitement and innovation to the…
The post Saitama Inu (SAITAMA) Price Prediction 2022-2031 appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.
Robert Kiyosaki, the famed author of the finance book ‘Rich Dad Poor Dad,’ has urged investors to start investing in bitcoin. Kiyosaki has recently pivoted to the crypto market and has been sharing his thoughts and insights regarding what he believes to be the right way to go about the crypto market. So far, the […]