RATE Group | Over $70,000 Double Spent As Bitcoin Gold Experiences Its Second 51% Attack
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Over $70,000 Double Spent As Bitcoin Gold Experiences Its Second 51% Attack

26 Jan Over $70,000 Double Spent As Bitcoin Gold Experiences Its Second 51% Attack

Posted at 16:16h in Bitcoin News by

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New information indicates that Bitcoin Gold experienced a 51% attack last week. A total amount of over $70,000 was double-spent, which raises questions regarding its security since this is the second similar attack on the network.

51% Attack On Bitcoin Gold

A 51% attack occurs when a single organization or entity takes control of the majority of a particular network’s hash rate. Once its executed, the perpetrators have control over the transactions to modify the ordering, prevent them from being confirmed, reverse them, or facilitate double-spending.

The last one is what has happened to Bitcoin Gold, according to a recent report. It shows that on Thursday and Friday last week, there were two deep reorganizations on BTG transactions that ultimately led to double-spending.

The first one was for 1,900 BTG (approximately $19,400 in today’s rate). The second one was completed in three different batches, and the total amount was for 5,267 BTG (nearly $54,000).

Bitcoin Gold is a hard fork…

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