News
Over $70,000 Worth Of Bitcoin Gold Double Spent In 51% Attacks
Summary: The Bitcoin Gold (BTG) blockchain was hit by two 51% attacks which lead to over $70,000 worth of BTG being double spent. According to a post from MIT Digital Currency Initiative researcher James Lovejoy, the hard-fork of Bitcoin was hit by two deep reorganizations of over 10 blocks on Jan. 23 and 24. The first ...
The Bitcoin Gold (BTG) blockchain was hit by two 51% attacks which lead to over $70,000 worth of BTG being double spent.
According to a post from MIT Digital Currency Initiative researcher James Lovejoy, the hard-fork of Bitcoin was hit by two deep reorganizations of over 10 blocks on Jan. 23 and 24.
The first attack took place at around 6:00 PM GMT Jan. 23, 14 blocks were removed from the blockchain and 13 then added. 1,900 BTG worth around $19,000 were double spent in the redirect of one transaction.
The second attack occurred a little over six hours later, another 15 blocks were removed and then 16 were added. 5,267 BTG ($53,000 at the time) were double spent in three transactions that were redirected.
A 51% attack occurs when a single entity or group controls more than half of the hashpower securing a blockchain. This gives the perpetrator control over confirmation of new transactions, and the power to reverse completed transactions, allowing the double spending of coins.
By Ramsey Baker
Tags: 51%,Attack,Bitcoin Gold
Link: Over $70,000 Worth Of Bitcoin Gold Double Spent In 51% Attacks [Copy]
