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Two miners have reportedly executed a 51% attack on the bitcoin cash (BCH) blockchain, according to tweets by Cryptoconomy Podcast host Guy Swann on May 24.
A 51% attack occurs when someone controls the majority of mining power on a Proof-of-Work blockchain network. This means that the majority block verifier can prevent other users from mining and reverse transactions.
While many have assumed that a 51% attack would be carried out with malicious intent, the above case happened as the two mining pools attempted to prevent an unidentified party from taking some coins that — due to a code update — were essentially “up for grabs.”
According to Swann, two miners with majority control of the network — BTC .top and BTC .com — performed the attack in an effort to stop an unknown miner from taking coins that were sent to an “anyone can spend” address following the original hard fork in May 2017. As per Swann’s tweets:
“When the unknown miner tried to take the coins themselves, BTC .TOP & BTC .COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own.”
51% attacks have generally been considered an undesirable and unprofitable option to take funds, as it would require a massive amount of computing power, and once a network is considered compromised, users would ostensibly flee.
According to statistics on Coin .Dance, BTC .top and BTC .com control 43% of the bitcoin cash mining pool.
As Cointelegraph reported, the Ethereum Classic (ETC) blockchain experienced a 51% attack in January. Researchers at the crypto exchange Gate .io reportedly found that an attacker had reversed four transactions, resulting in a loss of 54,200 ETC. The exchange promised to compensate the affected users, and advised other trading platforms to block transactions initiated by the attacker’s address.
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Bitcoin should be immune from a 51% attack because its network is currently the largest in the world. We’ll be sharing more posts like these on blockchain and crypto-markets as we launch https: ... Атака 51 процент (Attack 51%) – это термин обозначающий, что в распоряжении атакующего должны находиться мощности большие, чем у всей остальной сети. How A 51% Attack Occurs. Whenever a transaction is carried’ out on a blockchain, be it by Bitcoin or any other cryptocurrency, it is usually put in a pool of unconfirmed transactions. Bisher gab es noch keine 51-%-Attacke im Bitcoin-Netzwerk. Auch wenn es sich um einen bekannten und möglichen Angriffsvektor handelt, ist die Attacke nicht sehr wahrscheinlich. Der Angriff würde sich nicht lohnen, um Profit zu schlagen und ist sehr riskant. Die Netzwerk-Hashrate in Bitcoin ist so hoch, dass das Netzwerk robust gegen Angriffe ist. Anders ist das bei vielen Altcoins. 51% attacks have always existed as a threat but have once again raised their ugly head in the form of two recent attacks on relatively new Blockchain. Bitcoin Gold Bitcoin Gold was one of the biggest public Blockchain to have suffered a 51% attack. This happened on the 18th of May and was disclosed by the team. The attacker was able to take ...
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Andreas Antonopoulos - 51% Bitcoin Attack Watch live: https://ivanontech.com/live 51 precent attack is a kind of Blockchain vulnerability that allows attackers to seize the controll of transaction confirmation and block generation. It occu... A 51% attack is a potential attack on a blockchain network, where a single entity or organization is able to control the majority of the hash rate, potential... While double-spending and the Byzantine Generals' Problem were addressed in order to make blockchain technology viable, there is still a potential vulnerabil...