Geocold, the ethical hacker on October 13th almost succeeded with his promise on a 51 percent attack on an altcoin, but after gaining majority hash rate control on Einsteinium (EMC2) and later Bitcoin Private (BTCP), setbacks including censorship from two streaming services pulled the plug.
Even though he bragged that the attack would be very easy, it eventually did not turn out as smoothly as he hoped. During the spectacle, over 750 viewers were tuned in, not excluding the likes of Jackson Palmer live-tweeting the event.
After members of the Bitcoin Private community reported his channel, Twitch pulled the plug on the spectacle. Later the hacker claimed that if he found the solution, he’ll just post a video.
When the hacker returned to Stream thirty minutes later, he was merrily mining BTCP blocks and had done well enough to prove his promise. By the time the second stream died, the hacker had the majority of the hash rate.
After discovering that the hash rate had increased to 1.4TH/s, given the one week notice the Einsteinium community had gotten, the hacker swiftly moved onto one of the alternative altcoins he listed in his contingency plans.
The hacker immediately connected to his first block after using a couple of hundred dollars worth of rented hash power he’d purchased from Nicehash with bitcoins. But the Bitcoin Private community did not relent as they fought back, prompting a reboot plus a move to a different streamer once Twitch swings the banhammer.
After he started to create the longest chain of blocks, it was obvious that if he had persisted, he could have forked the BTCP chain. The hacker who had added “Mischief-maker” to his Twitter identity ended his second stream, in turn, saving some tricks for his next hack.
The hacker stated that;
“Update on the stream. Got banned from two streaming platforms fairly quickly. I’m going to try to find a platform where I can be assured report spamming won’t work. If not I’ll just post a video on youtube. But attack wise: We got ~70% of BTCP’s network, and I was about to fork it.”
Although the attack was a good spectator sport, one of the lessons the crypto world could learn from the Geocold’s session was the dangers of censorship on the internet when a ‘Report’ button was not more than a few clicks away.