Stephanie Kent, the founder of Krypton, has decided to move the altcoin from the Ethereum-based proof-of-work to the bitcoin-based proof-of-stake in order to protect it from further attacks.

The announcement published today follows two attacks against the Krypton network perpetrated last week by an anonymous hacker team calling themselves the “51 crew”. The attackers got control over 51% of the total network hashing power and used it to double spend krypton tokens. The total of 21,465 KR was stolen. They also attacked the cryptocurrency Shift.

Kent believes a similar attack can occur against many other Ethereum-based blockchains. According to her, “there seems to be no way to defend against this exploit.” That is why she decided to temporarily relocate the system from the Ethereum-based proof-of-work blockchain to the bitcoin-based proof-of-stake one.

To finance the transition, Stephanie Kent made a fundraising appeal addressing the Krypton Community. According to her, 1.5 BTC is required by Bittrex exchange to execute the swap. In conclusion, she stated:

“The Florida hurricane, Hermine, which directly hit my home two days ago and filled the lower level of my house with three feet of seawater did not cause as much damage as the 51 crew has done to both Krypton and Shift investors. It is my hope that other vulnerable blockchains take note and immediate precautions against a similar attack.”

The total market cap of Krypton at the press time was 546 BTC or $330,607.

Alexey Tereshchenko