Vertcoin 51% Assault ‘Motive Unsure’ as Hackers Lose as much as $4,000

Vertcoin 51% Assault ‘Motive Unsure’ as Hackers Lose as much as $4,000

AltCoin
December 2, 2019 by The Btc News
24
Unknown hackers have tried to launch a second 51% assault on Vertcoin (VTC) however ended up paying for the privilege out of their very own pockets. As Vertcoin’s lead maintainer James Lovejoy revealed in a report on the assault on Dec. 2, a malicious entity focused cryptocurrency change Bittrex with the intention to manipulate the
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Unknown hackers have tried to launch a second 51% assault on Vertcoin (VTC) however ended up paying for the privilege out of their very own pockets.

As Vertcoin’s lead maintainer James Lovejoy revealed in a report on the assault on Dec. 2, a malicious entity focused cryptocurrency change Bittrex with the intention to manipulate the Vertcoin blockchain.

Hackers paid at the very least $440 to assault VTC

Vertcoin forked off from Bitcoin (BTC) in 2014 and skilled a serious assault in December final 12 months, throughout which hackers stole funds price $100,000

This time, nevertheless, it seems the exploit was a lot much less profitable. 

“Based mostly in the marketplace costs through the assault’s preparation and the problem of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to carry out the assault,” Lovejoy defined. 

In consequence, the hackers seem to have come out with a internet lack of between 0.06 BTC ($440) and 0.56 BTC ($4,100): 

“The full worth of the block rewards the assault obtained is 13825 VTC (~0.44 BTC). Given the assault was probably not worthwhile to carry out based mostly solely on block rewards, the motivation for the assault will not be sure.”

Combating for scraps

Bittrex is VTC’s most important buying and selling venue. After noticing suspicious exercise, Lovejoy requested the change halt VTC pairs, which appeared to restrict the assault’s success. 

“Given the reorg was simply deeper than 600 blocks (Bittrex’s affirmation requirement for VTC), it’s attainable that Bittrex was the unique goal, however the double-spend portion assault was aborted because of Bittrex disabling their pockets earlier than the fork could possibly be launched,” he added.

VTC/USD has fallen round 7% to $0.23 previously 24 hours, however the transfer is broadly insignificant throughout the context of 2019 highs of $0.61 seen in June.

As Cointelegraph reported, Bitcoin stays far more proof against 51% assaults due to its provably decentralized construction and unequalled hash charge.

As well-known pundit Andreas Antonopoulos beforehand famous, with Bitcoin, such an assault would price round $1 billion for a 10-minute offensive, one thing which in itself is all however inconceivable to attain.





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