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Author Topic: Technical analysis of the EliteCoin heist  (Read 2824 times)
digitalindustry
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July 26, 2014, 07:05:16 PM
 #41

Hey guys,

since nobody is replying in the Thread concerning my questions, I'm starting a new thread here.

Usually I'm checking coins b4 adding them to suprnova, at least i'm doing some preliminary checks (no virus, "bad" code, no code where the first block is like 500.000 coins while the coinsupply is only 50.000 .. etc). I tried to do that on Elite too, but the "usual" places where moved into other files, so I skipped it and since I saw other "big" pools on it I did not think anything bad as they're also supposed to do checks, don't they ? Smiley (no, i will not do that again, don't worry Smiley)

However, the next morning I saw coinsupply tripled and on bittrex coins were dumped for about 20 BTC which made me look again and its weird..

I've set up an Block Explorer on a old machine as I could not find any online (its hell slow, please bear with me Smiley):
http://blocks.suprnova.cc:2750/

The source is here:
https://github.com/dimecoinco/elitecoin (thx to rikkejohn)

The first block pays out 20.000 to one address:
http://blocks.suprnova.cc:2750/block/00000ef54a645ff81b0d06b5fa10c2e0c4cbfd1af6448cc8747978fae96e6722

But this 20.000 payout is not reflected in the money supply, can someone point me to the place in the code where this is surpressed ?

When we take a closer look at some suspicious blocks, you see this address again:
http://blocks.suprnova.cc:2750/address/dMFkHRK1WRFVQLBvozBeKYAWfaAFQUsy1y

Especially Block 3448 and 4338 (which straaaange numbers Smiley) pay 20.000 AGAIN to the dev's address  .. The source is ALSO the dev's address so this is basically a double spent (or a double generation?):

http://blocks.suprnova.cc:2750/block/000000000025fe115ebd4ca762e1525c9889b3b9dbff29c6bb3c685bf953323a

(I dont know why 1000 coins go to the other address)

At block 4338 these coins get moved (probably to bittrex or so):
http://blocks.suprnova.cc:2750/address/dLvQf3686DgCPZBuHCixK9DBi8CMoeHCDe


Anyone got an idea how actually that worked ?


For that double generation/spend you usually also need a decent pool with large hashrate for this...


Thx !


PS: Oh and stop that shit and fud about bittrex please, you cannot blame the cardealer when you let your car repair by some strange workshop and then your brakes do not work - the only mistake they made - they did add it even though there was no block explorer available, which I hope they won't in the future..

yep - this is this issue that's "Not a big issue" apparently by other peers in the crypto community !

hope you sort it.

- Twitter @Kolin_Quark
Dimitry
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July 26, 2014, 08:28:30 PM
 #42

Could any one tell  me how to read the code and what to look for? for hidden premine.. or maybe other usefull things!

Seems bittrex is not willing to put any time in this, then we have to do it ourselfs

Any help is welcome
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July 28, 2014, 03:45:15 PM
 #43

Could any one tell  me how to read the code and what to look for? for hidden premine.. or maybe other usefull things!

Reading code for sense is a learned skill, directing people what to look for also requires them to have some familiarity with programming code semantics.

The best I can offer is a basic “smell test”. Find a related coin that's above suspicion and perform a simple visual comparison. If there are differences where usually there aren't, then it fails the smell test.

I posted a how-to:
https://bitcointalk.org/index.php?topic=712197.msg8066207#msg8066207

The bitbucket repos we set up includes zenifications of elitecoin and its cloneparent, sumcoin. A meld comparison shows up the differences reasonably clearly. See if elitecoin passes the smell test for you.

HTH

Graham


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July 29, 2014, 12:08:42 AM
 #44

Elitecoin was a concern; This is one of the worst example of what can be done.

Targeting fair mature coins that we are sure of the implementation, available with a non tricked block explorer, is the only way on the long run.

Sadly, exchanges, and big farms play a short term strategy where 'scam' is everywhere, and threaten the very existence of alternates.
rikkejohn
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July 29, 2014, 12:12:25 PM
 #45

Just checking the numbers, and I'm not surprised mining is almost non-existent.

The reward is 1 coin a block. From 9409 mined blocks, there should be 9409 elite.

Total money supply is actually 110,644.83045014

That averages 11.7593793176745669 coins a block.

In other words, for every 1 coin mined, the elitecoindevs get an unofficial 10.7593793176745669 coins

It makes me laugh that Bittrex describe it as a "possible premine"

This is the biggest premine ever.

Anyone good at mathematics?

I make it at something like a 1000% premine.
.

1PkwpyTLo5TfagzCPgjdvQFNVzuEyHViGt
cassius69
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July 29, 2014, 12:40:12 PM
 #46

Elitecoin was a concern; This is one of the worst example of what can be done.

Targeting fair mature coins that we are sure of the implementation, available with a non tricked block explorer, is the only way on the long run.

Sadly, exchanges, and big farms play a short term strategy where 'scam' is everywhere, and threaten the very existence of alternates.

they do.

so we have to quit playing their game.

learn how to perform fundamental analysis on 'real altcoins' that have a track record of clean updates and speculate on those.

new alts are mostly made by scammers.

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