In the said case, the miner acquired control of the entire blockchain by obtaining over half (that is, 51%) of the network’s hash power. “We have been advising all exchanges to increase confirmations and carefully review large deposits,” read the message from Iskra. On May 18, Director of Communications Edward Iskra released a warning to caution users. The purpose identified for this attack was to perform “double spend” attack, which involves stealing money from Exchanges. See: Coincheck cryptocurrency exchange hacked $534 Million stolen
The information was posted by BTG poster Mental Nomad about a week back. BTG or Bitcoin Gold forum tracked the hack until the previous week to monitor the controversial hashrate and concluded that a 51% attack was indeed underway. Reportedly, an unknown party having access to massive amounts of hashpower is attempting to use 51% attacks.
Due to the attack, millions of dollars were lost and several exchanges that traded the coin were affected. Recently, an attack was successfully deployed against Bitcoin Gold currency in which a miner executed a double spend attack on Bitcoin Gold token network. Despite the low number of hacking sprees involving cryptocurrencies, it is a fact that hacking of virtual coins is a reality – The latest victim of one such incident is Bitcoin Gold. So far, quite a few incidents have been associated with cryptocurrencies.
But, it has been observed time and again that the security measures used to safeguard cryptocurrency are lackluster and benefit cybercriminals greatly. It is claimed that cryptocurrencies operate a lot more privately and safely than traditional currencies. Hackers are conducting Double Spend attack on cryptocurrency exchanges and the latest victim is Bitcoin Gold.
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