All Things Alt: Ponzi Schemes, Blackcoin USBs and a Time Warp Attack

Published on by Coindesk | Published on

"Obviously, if it was a real ponzi we would not call it that, since the whole point of a ponzi is to trick investors into believing their investment is legitimate! This game displays [the] ponzi dynamic and all players are willing and knowing participants."

A statement published on 1st May by whitecoin community member and developer Mogonzo detailed the attack.

The first part of the attack involved a dedicated denial-of-service attack against the mining pool Chunkypools.

A time warp attack was then launched against several exchanges.

The attackers used the time warp attack to generate multiple blocks of whitecoins that were then sent to exchanges and sold.

"We continue to discourage wallet use at this time until our update is provided. It's taken us some time to develop a full understanding of what happened, as well as develop a solution."

The BlackCoin Card, also known as the Cryptocurrency Express Card, is a multi-gigabyte USB wafer that comes pre-loaded with a wallet and specialized software.

Once the USB is plugged into a computer and connected to the network, it automatically updates balances and loads the most recent blocks from blackcoin block chain.

Using a software trigger similar to CD-ROMS, the BlackCoin Card launches automatically upon system startup and brings up a user interface that includes wallet access, price indices and social media content published by the BlackCoin community.

The BlackCoin Card is now available and may be purchased with dollars and BTC, as well as LTC, DOGE and BC. Strange alt of the week.