There are some serious allegations in the cryptocurrency world. Dirt slinging has, unfortunately become all too common. Even so, every single bit of potentially disastrous news needs to be taken into account at all times. The AurumCoin team claims the Cryptopia exchange will not confirm a 51% attack against the network caused nearly 16,000 AU (worth roughly $200,000 at the time of writing) to be lost in the process.
What AurumCoin Claimed has Happened
When it comes to altcoin networks, a 51% attack is always a very prominent threat first and foremost. Any network is subject to such attacks, although not all of them will suffer from such incidents. In the case of Bitcoin Gold and Verge, 51% attacks have disrupted their respective networks in the past year and a half. It now seems AurumCoin is the latest to fall victim to this particular development
According to the project’s website, a successful 51% attack against the network was conducted. This attack forced nearly 16,000 AU to end up in the wrong wallet, as the transfers to Cryptopia were never confirmed. When issues like these arise, there is a growing concern as to who is responsible for the missing coins and how the situation will be addressed moving forward,
Although this theft appears to be a genuine concern, Cryptopia is – allegedly – unwilling to take any action to resolve the matter. The company is not necessarily planning to admit there is a problem. As such, its users are trying to reclaim any lost funds without much success. It is unclear if these missing AU pertain to funds being transferred to or from Cryptopia.
One has to keep in mind crypto exchanges cannot take full responsibility if something happened outside of their control. If someone attacks the AurumCoin network at an opportune time, there is no “window” for exchanges to freeze transactions. It is unfortunate for those who lose money because of such incidents. However, service providers can only do so much, as they are not directly responsible for the security of individual networks.
For the time being, it remains unclear what will happen to AurumCoin or the missing funds. If the funds is in control of a hacker, they will most likely never be returned tot he rightful owner. If the transactions were never broadcasted, the funds should be recovered without too much friction. As such, there are a lot of unknowns where this incident is concerned.
Incidents like these highlight the need for cryptocurrency enthusiasts to take full control over their funds at all times. Relying on centralized exchanges is and always will be problematic, for a wide variety of reasons. Although Cryptopia seemingly isn’t to blame in this regard, it is evident they are caught up in the situation. An unfortunate turn of events for the cryptocurrency industry, although it will not be the last 51% attack either.