24 Oct Cryptocurrency hackers earned $20 million with 51% attacks in 2018
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Powerful attacks on blockchains are increasing. So far this year, hackers have effectively executed a minimum of five separate “51%” on cryptocurrency projects, with profits amounting to almost $20 million.
This represents a remarkable increase in success, after renowned cybersecurity firm Group-IB recorded no completed 51% attacks last year.
Group-IB has just released the full version of its annual report on trends in high-tech crime, which it has shared with Hard Fork.
It showed that in 2018, hackers have pocketed $19.5 million worth of cryptocurrency and caused havoc for fledgling blockchains.
The report also revealed cryptocurrency hackers went on a veritable rampage between April and June of this year.
51% attacks guarantee free money
A 51% attack consists of (as the name implies) an attacker taking control over at least 51% of the overall mining power of a Proof-of-Work blockchain, which known as its hashrate.
“They can be either carried out by one miner with a large…
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