BTC Fork, Bitcoin Gold Suffers A 51% Attack For The Second Time, BTG is Up 130% in 2020

2020-1-27 17:50

$70,000 worth of Bitcoin Gold double-spent in the attack on Jan. 23 and 24 BTG price however up over 8% since then but down 6% in the past 1 hour

Bitcoin hard fork, Bitcoin Gold (BTG) that aims to be GPU-mineable by using the Equihash algorithm also known as “Zhash” suffered a 51 attack last week.

A 51% attack is a potential attack on a blockchain network where a single entity or organization is able to control the majority, more than 50% of the hash rate of the network. Such an attack allows an attacker to modify the transactions or prevent new transactions from getting confirmations, and even reverse transactions, leading to double-spending.

According to an independent report on GitHub by James Lovejoy, a researcher at MIT’s Digital Currency Initiative, two reorgs occurred on the Bitcoin Gold network on Jan. 23 and Jan. 24. Both of these reorgs contained double-spends.

The research notes that in both cases the attacker blocks were mined with the address GWrW5dTZf5XwGWoJuqRKdzkzZFkwtWSqaP in the Coinbase transaction.

On Jan 23 at 18:01:32 GMT, 14 blocks were removed and 13 were added where 1,900 BTG worth about $19,000 were double-spent. On Jan 24, 00:24:08 GMT, 15 blocks were removed and 16 blocks were added where 5,267 BTG worth approximately $53,000 was double-spent.

Based on Nicehash market price data for Zhash, the estimated cost of generating each reorg is at around 0.2 BTC (just about $1,700).

Lovejoy also found that leading cryptocurrency exchange Binance allowed BTG deposits to be credited to one’s account for trading after six confirmations and were available for withdrawals after twelve confirmations. A fourteen or fifteen block reorg thus would have evaded both of the exchange's escrow periods.

Since then, Binance has increased its withdrawal requirement for Bitcoin Gold to twenty confirmations.

The event, however, didn’t have any negative effect on the price, in fact, BTC price is up 8.67% in the past 24 hours trading at $11.84. But it has started to see some reds, down 6% in the past hour. BTG is also up a whopping 130% to date in 2020.

This is however not the first time that Bitcoin Gold has suffered a 51% attack. Previously in May 2018, it was hacked for $18 million, leading several exchanges to delist the coin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95276.36 (-1.69%)
Объем 24H $41.037b
Изменеия 24h: -1.83 %, 7d: -7.45 %
Cегодня L: $95276.36 - H: $97458.26
Капитализация $1886.437b Rank 1
Цена в час новости $ 8762.61 (987.31%)

attack bitcoin btg fork gold entity network

Источник: bitcoinexchangeguide.com

attack bitcoin → Результатов: 126


Bitcoin Wallet Samourai Warns Users of “Dusting Attack”

On October 25, 2018, the privacy-centric cryptocurrency wallet Samourai warned users via Twitter of a new type of tracking tactic called a “dusting attack. ” Biting the Dust According to tweets, the attack is an attempt to compromise the security and privacy of Samourai users by using “coin dust” to deanonymize users and linking their transactional inputs together.

2018-10-27 18:00


Фото:

51% Attack Being Livestreamed for Educational Purposes: Exclusive Interview

On October 7, 2018, Reddit user team-periwinkle took to social media, questioning cryptocurrency users for their interest in a potential 51% attack. While attackers would not typically announce their intentions publicly, the purpose of the attack would be for education, as the entire process will be live-streamed to allow anyone interested in learning how the often purely theoretical process works.

2018-10-13 01:00


Nouriel Roubini Tries to Attack Bitcoin by Saying Fees Cost $55, Fails

Global economist Nouriel Roubini expressed his rage against Bitcoin and blockchain while displaying his profound lack of understanding in the field. A Political Rap against Crypto Roubini was present at an informational hearing round “Exploring the Cryptocurrency and Blockchain Ecosystem” organized by the US Senate Committee on Banking, Housing, and Urban Affairs, alongside Peter Van.

2018-10-12 10:38


Report Links 74% of Bitcoin Mining to China, Sees Threat to Network

Bitcoin, the world’s most sought-after cryptocurrency, could be at the wish and whim of Asia’s economic giant. A recent study titled “The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin,” jointly researched by Princeton University and Florida International University researchers, suggests China’s mining scene has an overwhelming influence over Bitcoin, something that could invite network manipulation.

2018-10-11 00:29


Фото:

Research: China has the power to destroy Bitcoin

A damning new study has suggested China holds threatening influence over Bitcoin – and perhaps even the ability to attack and ultimately destroy the entire Bitcoin network. Academics from Princeton and Florida International Universities have explored how China “threatens the security, stability, and viability of Bitcoin” with its “political and economic control over domestic [cryptocurrency] activity […] [and] internet infrastructure.

2018-10-8 19:07


Фото:

What Bitcoin Did Gets Technical with Crypto-Educator Jimmy Song

<iframe style="border: none" src="//html5-player. libsyn. com/embed/episode/id/7132345/height/90/theme/custom/autoplay/no/autonext/no/thumbnail/yes/preload/no/no_addthis/no/direction/backward/render-playlist/no/custom-color/87A93A/" height="90" width="100%" scrolling="no"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> On the latest episode of What Bitcoin Did, host Peter McCormack interviews Jimmy Song, a consultant in blockchain education, to take an in-depth look at a relatively recent incident in the world of cryptocurrency and use that as an example to segue into a deeper discussion on the possible trajectories of Bitcoin itself.

2018-10-6 00:05


Фото:

Data and Bitcoin-Stealing Malware Are now targeting Fortnite Gamers

Fortnite, the wildly popular video game over which schools have expressed disdain, is currently being used as an attack vector for malware disguised as cheating software. According to an October 2 post from Christopher Boyd, the lead malware intelligence analyst at Malwarebytes Labs, thousands of users have been inadvertently downloading malicious software.

2018-10-5 05:00


[Newsflash Update]: Bitcoin Network Bug Leaves BTC Blockchain Particularly Vulnerable Still

Last week, the Bitcoin Core team came out with a brand-new update to its client which was supposed to address a major vulnerability on the chain. The vulnerability made it easy for hackers to execute a “denial of service” attack on the network, which could be a potentially devastating security problem. But in many ways, […]

2018-9-28 08:58


Фото:

Town In Canada Meets Hackers Demands With Bitcoin Ransom

In the Ontario province of Canada, holds the town of Midland which has a population of more than 16,000 people and has recently had its computer systems hacked and infected with ransom malware. The town of Midland has come to conclusion that they are going to meet the hackers wants and pay them (as per their demands) in Bitcoin, in order to get the computer system up and running again.

2018-9-12 13:00


Фото:

‘Real Risk’: Blockstream Exec Warns Over Bitcoin Cash 51 Percent Attack

Bitcoin Cash (BCH) average hashrate over the past week has fallen below 8 percent of Bitcoin’s (BTC), while Blockstream compares the altcoin to a five-year-old Litecoin hard fork.   Feathercoin? Is That You? In comments on Twitter today, Blockstream VP solutions lead Warren Togami sounded the alarm over BCH — warning its low average hashrate placed investors at risk of double spend attacks from malicious parties.

2018-9-4 16:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Binance, OKEx and Huobi Exchange Native Tokens Are Undervalued; TokenInsight Report

A recent report by TokenInsight, a crypto analytics firm, has revealed that most exchange-based tokens in the market are currently undervalued. The firm applied a number of metrics in its analysis given the ambiguous nature of crypto markets; some of the financial valuations include Burning Yield, Price to Burn ratio, Price to Earnings ratio, and […]

OneCoin May Have Used Fake Reviews in Ponzi Scheme – Is Anyone Surprised?

The cryptocurrency project launched by OneCoin which was accused of being a Ponzi scheme by authorities may have used fake reviews on Quora and TrustPilot. The Digital Forensic Research Lab (DFRLab) said in a blog post from Wednesday that the OneCoin campaign was initiated at the same time as its founder’s (Ruja Ignatova) disappearance, after […]

DigixDAO (DGD) Jumps 17% After ‘Project Ragnarok’ Gets Approval

DigixDAO holders have voted in favor of the dissolution. Although Digix itself is “against the dissolution,” with over 96% votes, DigixDAO holders have agreed to propose a dissolution mechanism according to which DGD holders will be given the option to dissolve their tokens at the start of each quarter. With this, DGD token holders are […]

DigixDAO Offers DGD Token Holders The Option To Dissolve The $56 Million ETH Treasury

DigixDAO, a blockchain project which tokenizes gold on the Ethereum platform with the DGD token, made headlines on the 29th of November when they addressed the community saying they would offer an option to its token holders to either completely liquidate the treasury or keep making grants unless the project sees some headway. Interestingly, right […]