Hack Bitcoin Gold for 18 million dollars
The cryptocurrency forum reported that "an unknown entity was trying to make a 51% attack to carry out double-spending offensives"
A recent announcement in the Bitcoin Gold forum on Mental Nomad set off the alarms by reporting that “an unknown entity with access to large amounts of hashpower” was attempting to make a 51% attack to conduct double-spending offensives and steal money from exchanges .
In context, a “51% attack” is made when a group manages to manipulate half plus one of the computing power of the underlying network of a cryptocurrency, with which it can take control of it for its own purposes.
To execute the attack, the miner acquired at least 51% of the total power of the network, which gave them a temporary control of the chain of blocks. Obtaining this large amount of resources is incredibly expensive, even in a smaller network, such as Bitcoin Gold, but it can be monetized through its use along with a double-spending attack.
After gaining control of the network, the attacker began depositing BTG in the cryptocurrency exchanges while trying to send those same coins to a wallet under his control. In general, the Blockchain would solve this by including only the first transaction in the block, but the attacker could revert the transactions since they had the majority control of the network.
More than 388,201,92404001 BTG were channeled through the attacker’s wallet, totaling more than US $ 18 million, according to Bitcoin Gold Explorer. Although, for now, BTG has enough confidence to suggest that users are not at risk, history shows that this may be the case when an exchange freezes withdrawals in an effort to stop the exit.
“Demanding more confirmations greatly increases security,” the BTG team explained in the forum. “Until now, some exchanges were operating with less than five required confirmations. We have been requesting higher limits to avoid such attack, and also the manual review of large deposits of BTG before releasing the funds for trade,” they explained.
N. Moncada
Source: CriptoTendencia
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