Jan 28, 2020 11:30:00

Virtual currency Bitcoin Gold again receives '51% attack' and exploits 8 million yen equivalent

By

kjekol

' Bitcoin Gold ', a hard fork of ' Bitcoin ', which appeared as a pioneer of virtual currency and took the world by storm , received ' 51% attack ' and was abused at $ 72,000 (about 7.8 million yen) .

Bitcoin Gold hit by 51% attacks, $ 72K in cryptocurrency double-spent
https://thenextweb.com/hardfork/2020/01/27/bitcoin-gold-51-percent-attack-blockchain-reorg-cryptocurrency-binance-exchange/

Bitcoin Gold blockchain suffers 51% attack, $ 70k worth of crypto double spent-TokenPost

https://tokenpost.com/Bitcoin-Gold-blockchain-suffers-51-attack-70k-worth-of-crypto-double-spent-4921

The '51% attack' exploits the mechanism that 'the longest blockchain is recognized as the right transaction', with malicious crypto miners dominating more than 50% of the overall network mining speed The fraudulent act of taking over the entire transaction. When a malicious attacker mines faster than all other miners around the world, it can force fraudulent transactions made by attackers to be mistaken as 'right.'

Performing a 51% attack can result in 'nullifying payments on the blockchain.' This means that you can buy a product, pay the cryptocurrency, then 'deactivate payment' and get back the cryptocurrency you paid for. Due to the principle of cryptocurrency, payment can only be invalidated once, so up to two payments can be made with the same amount of cryptocurrency. Such cheating is called a 'double payment attack.'

By

master1305

Two 51% attacks occurred on January 23-24, 2020, causing Bitcoin Gold worth $ 19,000 (approximately ¥ 2.1 million) in the first and $ 53,000 (approximately 5.8 million) in the second. Yen) worth of Bitcoin Gold was 'double-paid' each. Through this series of attacks, a total of $ 72,000 (approximately ¥ 7.8 million) of Bitcoin Gold was illegally used.

This is not the first time Bitcoin Gold has suffered a 51% attack. Bitcoin Gold suffered a similar attack in May 2018, losing at least $ 18.6 million.

A case where the virtual currency Bitcoin Gold hijacked the transaction with `` 51% attack '' and the exchange suffered a large loss occurred-gigazine

Bitcoin Gold is a cryptocurrency that is in the top 40 in the market capitalization ranking. This time Bitcoin Gold was attacked, but the price has increased by about 20%.

Bitcoin Gold (BTG) Price, Market Cap, Charts, Basic Information | CoinGecko

https://www.coingecko.com/ja/%E3%82%B3%E3%82%A4%E3%83%B3/%E3%83%93%E3%83%83%E3%83%88% E3% 82% B3% E3% 82% A4% E3% 83% B3% E3% 82% B3% E3% 82% A4% E3% 83% B3% E3% 82% B4% E3% 83% BC% E3% 83% AB% E3% 83% 89