More than 70 THOUSAND Dollars 'Double Spent' in Bitcoin Gold after suffering a 51% attack
The new information indicates that Bitcoin Gold experienced a 51% attack last week. A total amount of more than $ 70 was spent twice (Double Spent), raising questions about its security, as this is the second similar attack on the network.
A 51% attack occurs when a single organization or entity takes control of the majority of the hash rate of a particular network. Once executed, the perpetrators have control over the transactions to modify the order, prevent them from being confirmed, reverse them or facilitate double spending.
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51% attack on Bitcoin Gold
The latter is what happened to Bitcoin Gold, according to a report recent. It shows that on Thursday and Friday of last week, there were two deep reorganizations in BTG's transactions that ultimately led to double spending.
The first was for 1 BTG (approximately $ 900 at the current rate). The second was completed in three different lots, and the total amount was 19 BTG (almost $ 400). Bitcoin Gold is a hard fork of Bitcoin and uses Equihash (5) or Zhash. Unlike the hash rate of the largest cryptocurrency, which is continually increasing, the hash rate BTG has seen a sharp decline since mid-2018. Naturally, this leads to a less secure network, which is the reason why such an attack can occur much more easily.
Not the first time
The 51% attack that occurred last week is not the first in Bitcoin Gold's relatively short history. In 2018, BTG recorded the first, which had significantly more damaging consequences. Confirmed in a blog post , the previous attack targeted cryptocurrency exchanges. At the time, Bitcoin Gold officials said that “We have been recommending all exchanges to increase confirmations and carefully review large deposits”.
However, the hackers eventually fabricated BTG's ledger and managed to scam at least $ 18 million total. Ethereum Classic also suffered a similar attack last year. The total amount stolen from the double-spend hack was 88 FTE (worth around $ 500 at the time). Interestingly, the attackers later returned a portion of the stolen ETC.
