Bitcoin Gold Experiences 51% Attack As $70,000 Was Double-Spent

There are some indications that Bitcoin Gold experiences a 51% attack in the previous week. An amount of $70,000 was double-spent, which raises questions about the security of the coin since this is not the first attack on the network as we are reading in the latest crypto news.

A 51% attack occurs when one entity takes control over the majority of a hash rate belonging to a particular network. When the attack is performed the attackers have control over the transactions to adjust the ordering, preventing them from being confirmed at all or reverse them or facilitate double-spending.

Double-spending was what Bitcoin Gold experiences according to a recent report. It says that on Thursday and Friday last week, there were two in-depth reorganizations on Bitcoin Gold (BTG) transactions that resulted in double-spending. One of the reorganizations was for 1,900 BTG (approximately $19,400 in today’s rate) and the other was made in three different batches, with the total amount being 5,267 BTG (nearly $54,000).

Bitcoin Gold (BTG) is a hard fork of Bitcoin and is utilizing Equlhash (144,5) or Zhash. Contrasting the hash rate of the biggest crypto that is growing in the continuum, the has the rate of Bitcoin Gold (BTG) had few big declines since the second half of 2018. Of course, this brings the consequence of a less secure network, this attacks can happen quite easier.   The 51% attack that occurred last week is not the first attack in the history of Bitcoin Gold (BTG). In 2018, Bitcoin Gold (BTG) experienced the first 51% attack, which had more than harmful results.

According to toa certain blog post, the previous attack had as his targets cryptocurrency exchanges. Back then the officials from Bitcoin Gold (BTG) noted: “We have been advising all exchanges to increase confirmations and carefully review large deposits.” But the attackers succeeded in fabricating the ledger of Bitcoin Gold (BTG) thus managing to fraudulently take possessions of about $18 million in total. Ethereum Classic had experienced a similar attack in 2019. The total amount stolen by the attackers with the double-spending attack was 88,500 Ethereum Classic (ETC) coins that had the worth at the time of $460,000. It is intriguing that the hackers had returned a certain percentage of the stolen coins.