Find the best broker for your trading or investing needs Up until now a 51% attack on bitcoin was considered an impossibility. “We have been advising all exchanges to increase confirmations and carefully review large deposits,” Edward Iskra, BTG’s communications director, wrote. The hacker could attempt to double-spend stolen coins from an exchange by exchanging them into fiat currency or another crypto and using the same coins from his or her wallet to buy more crypto.
The online publication Bitcoinist estimates that the hacker stole $18 million worth of bitcoin gold. Bitcoin gold is the latest crypto to suffer from a 51% attack. The Verge has reportedly suffered three 51% attacks this year.
The latest one occurred yesterday. Last week, a hacker exploited a vulnerability that had caused the previous 51% attack to decamp with $35 million worth of its cryptocurrency. According to recent research, the costs for hacking cryptocurrencies are declining.
This is partly due to the increasing number of forks within cryptocurrencies. For example, according to a recent post on Medium an average of $70 million is required to cripple ethereum classic’s blockchain.
That amount can easily be generated by using profits generated from mining ethereum, a cryptocurrency that uses the same algorithm. The same post estimated a cost of $200,000 to instigate a 51% attack on bitcoin gold. Read more from investopedia.com…
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