Jan 26, 2020 15:53 UTC
Jan 26, 2020 at 15:53 UTC
51% blowup on bitcoin Gold
There are a lot of attacks that are being successfully carried out on the crypto space and with an increasing number of attacks on the horizon, the enthusiasts in the crypto space are on high alert. The attacks that are being carried out are also increasingly becoming traceless as the attackers are using a different protocol every time they strike. The whole of the blockchain community is trying to find ways through which they can prevent such attacks.
BTG got blown!
One of the most recent damages afflicted by the crypto-thieves was on Bitcoin Gold. Bitcoin Gold. the Equilash based hard fork of bitcoin recently received an attack of nearly 51% in the last week.
The attack ultimately led to double-spending of the value which was around $70,000 in the total value. The attack came to the limelight when there were two main reorganizations experienced in the market transactions of BTG which ultimately paved the way to the total double-spending of $70,000.
The first transaction was around 1900 BTG which approximately costs around $19,400 in current market value. The attention became more localized where the transaction had around 5,267 BTG which approximately values at $54,000 USD. This lead to a lot of depression in the market value having a cascading effect through the other similar crypto-currencies as well. The Bitcoin Gold (BTG), the hard fork of bitcoin did not have a performance graph as similar to Bitcoin. The BTG suffered a massive drop in value in the mid-2018 that deeply affected the security protocol of the network. With a very weak network on the foreground, BTG became an easy prey to such attacks that ultimately lead to the existing 51%blow.
The second one in a row!
Well, if the lessons are not learned at the first mistake then it is continuous suffering down the road. BTG stands a perfect testimony to the above statement as the crypto-currency developed a huge setback in the mid-2018 with such a similar attack on the same.
The last heist on the BTG network had a net-worth total of nearly $18 million USD that left the company crippled on its knees.
The company is now in a situation where it has to fabricate a much stronger security wall for all the transactions and also must keep a clear-eye on hefty transactions as well. If BTG is to receive another blow similar to the one experienced, it would be near to impossible for the hard fork of Bitcoin to stand on its feet again.