This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

Blog

Date:
03rd Nov 2020
Author:
CryptoAltum Research Team

Tron Mainnet Hacked, Block Generation Stalled For Hours

The Tron mainnet was on Nov 2 hacked and block generation halted for at least three hours. Justin Sun, the co-founder, has confirmed that no funds were lost and all data remains intact.


Details: 

The Tron network employs a delegated Proof-of-Stake consensus algorithm. Here, 27 super representatives are tasked with securing the network and confirming transactions. Unlike the Proof-of-Work system, this system means the platform is scalable and secure, until now. That hackers downed one of the network’s super representatives, crippling transaction confirmation and continuation of blocks confirm initial fears of this architecture. Even though funds were not lost and user data intact, it could embolden hackers to attack the blockchain in the future, this time with nefarious intentions beyond halting block generation.

 

Impact on the TRX Price: 

Bearish. Tron is the home of gaming, DeFi, and gambling dApps. Yesterday’s hack could be warning signs of what’s to come. The more susceptible Tron will be, the more dApps will shy away from the platform--despite its promise of cheap transactions and high scalability, to more robust and secure blockchains like Ethereum.


More market updates on our Blog 


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020