Until recently, blockchains were seen as an “unhackable” technology powering and securing cryptocurrencies — but that’s no longer the case. Ha

Blockchains Were Supposed to Be “Unhackable.” Now They’re Getting Hacked

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2021-05-20 04:51:40

Until recently, blockchains were seen as an “unhackable” technology powering and securing cryptocurrencies — but that’s no longer the case.

Hackers have gotten away with nearly $2 billion worth of cryptocurrency since 2017 by attacking the unique vulnerabilities of blockchains, MIT Technology Review reports. In other words, forget what you heard from Bitcoin boosters — just because information or currency is on a blockchain doesn’t necessarily mean that it’s more secure than any other form of storage.

In one recent attack, a hacker was able to gain control over Ethereum Classic’s network and rewrite transaction history. As a result, the attacker was able to “double spend” cryptocurrencies, getting away with some $1.1 million.

In fact, the same qualities that make blockchain technology so secure may also be the source of several unique vulnerabilities — a stark reminder that despite the hype, cryptocurrencies can’t entirely sidestep the vulnerabilities of any other banking systems.