51% Attacks Are a Growing Threat to Smaller Blockchains; Komodo May Be the Solution6

Komodo, an intriguing project that could help address the increasing risk of 51% attacks on smaller blockchains, today announced a partnership with the CoinBene exchange. CoinBene will recommend Komodo’s chain-security solution to projects whose token it lists and which CoinBene deems at risk of 51% attack. The exchange will also begin “initial exploration” into Komodo’s atomic swap capabilities, which would allow for trustless peer-to-peer trading of digital assets across blockchains. Komodo’s native token, KMD, will also begin trading on CoinBene February 1st.

CoinBene is nominally one of the world’s largest exchanges, but that comes with a big asterisk: according to a December report from the Blockchain Transparency Institute, CoinBene is home to massive “wash” trading. That fake trading inflates the exchange’s reported volume, with actual trading only 1% of the amounts listed on ranking sites like Coinmarketcap. Though that may be explained by third-party activity, CoinBene may also be misrepresenting its volume to attract listing fees: the small privacy coin BitcoinZ reported making a payment of 10BTC to CoinBene when it tried to get listed there, at an unknown date. Signs of fake volume have led the BTI to list CoinBene on its “advisory list” of suspect exchanges.

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