An unknown threat actor has so far managed to steal over 388,000 BTG from cryptocurrency exchanges. By Charlie Osborne

for Zero Day

| May 25, 2018 — 08:11 GMT (01:11 PDT)

| Topic: Security Bitcoin Gold (BTG) appears to be the target of a 51 percent attack, leading to the theft of approximately $17.5 million from cryptocurrency exchanges.

Traders of the coin, established in 2017 through a hard fork of the main Bitcoin (BTC) network, have been tracing the attack since last week. Scrutiny of unusual activity on the network has revealed the scheme, in which “double spending” attacks have been launched against cryptocurrency exchanges trading the virtual currency.

According to the Bitcoin Gold team, exchanges rather than individual users have been targeted. The first attack was recorded on 16 May and have now appeared to have ceased.

“An unknown party with access to very large amounts of hashpower is trying to use “51 percent attacks” to perform “double spend” attacks to steal money from exchanges,” the team says. “We have been advising all exchanges to increase confirmations and carefully review large deposits.

There is no risk to typical users or to existing funds being held.” 51 percent attacks force reorganization in the blockchain. Read more from zdnet.com…

thumbnail courtesy of zdnet.com