RATE Group | Bitcoin Gold hit by 51% attacks, $72K in cryptocurrency double-spent
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Bitcoin Gold hit by 51% attacks, $72K in cryptocurrency double-spent

27 Jan Bitcoin Gold hit by 51% attacks, $72K in cryptocurrency double-spent

Posted at 17:04h in Cryptocurrency News by

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Malicious cryptocurrency miners took control of Bitcoin BTC Gold‘s blockchain recently to double-spend $72,000 worth of BTG.

Bad actors assumed a majority of the network‘s processing power (hash rate) to re-organize the blockchain twice between Thursday and Friday last week: the first netted attackers 1,900 BTG ($19,000), and the second roughly 5,267 BTG ($53,000).

Cryptocurrency developer James Lovejoy estimates the miners spent just $1,200 to perform each of the attacks, based on prices from hash rate marketplace NiceHash.

This marks the second and third times Bitcoin Gold has suffered such incidents in two years.

Double-spenders like to target cryptocurrency exchanges

Any entity that controls more than 51 percent of a blockchain‘s hash rate can decide what version of the blockchain is accepted (or rejected) by the network.

These scenarios also allow for ‘double-spending,’ attacks that initiate a transaction…

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