It turns out that a malevolent miner had a successful double spending attack on Bitcoin Gold last week.
According to a report at CCN.com, a malicious miner appeared to have performed a successful double spending attack last week on the Bitcoin Gold network. This BTG is making a third subcool that succumbs in the face of a network attack over this time.
Bitcoin Gold’s communications director, Edward Iskra, informed the users of the attack on May 18th.
The miner bought at least 51 percent of the network’s total power to provide temporary control of the network’s chain to execute the attack. Getting such a lot of power is incredibly expensive even on a small network like Bitcoin Gold. However, it can be monetized using a “double spending” attack.
Once the aggressor or aggressors gained control of the network, they began to send the same money to both their wallets and crypto money exchanges. Under normal conditions, the block chain could solve this by including only the first block in the block, but the process could be reversed as the majority of the network was under control.
As a result, they can withdraw their money quickly, canceling the first transaction. In this view, they were swindled by the “double spending” management.
The size of the impatience is about $19 million
A Bitcoin Gold address that has been involved in the attack has received more than 388 BTGs since May 16. Assuming all these transactions are linked to a double spending attack, an attacker may have stolen $ 18.6 million from stock exchanges.
Bitcoin Gold developers have suggested increasing the number of approvals of money deposited in loyalty client accounts for such attacks. Block-chain data show that an attacker can successfully abort 22 bloke operations.
At the moment, Bitcoin Gold ranks 27th with a total market value of about $ 780 million.
Similar attacks were also experienced in Verge and Monacoin
Bitcoin Gold is not the only subclone exposed to such an attack in recent days. Confidentiality-based crypto money Verge, yesterday’s DDOS attack, $ 1.75 million worth of 35 million XVG stolen. Manga-based Japanese crypto money Monacoin was succumbed to $ 90,000 in another attack.