ZenCash Goal of 51% Assault; Loses Greater than $500okay in Double Spend Transactions – Bitcoinist.com

ZenCash Target of 51% Attack; Loses More than $500k in Double Spend Transactions - Bitcoinist.com

The ZenCash community was attacked earlier in the present day through a 51% assault. The attacker managed to reorganize the blockchain a number of occasions, efficiently double spending two transactions.

Over $550,000 Double Spent

ZenCash is a Proof of Work cryptocurrency based mostly on the favored Equihash mining algorithm. Equihash is utilized by a number of different standard currencies, most notably ZCash, that means that there’s a very massive pool of whole Equihash hash price on this planet that can be utilized on quite a lot of networks. ZEN is a fork of ZClassic that launched in late Could 2017, utilizing the identical codebase as ZCash.

Yesterday, the ZenCash community skilled a 51% assault, the place one particular person or get together controls 51% of the hash price. The hash price inflow allowed the attacker to reorganize the blockchain a number of occasions, with the most important rollback reversing 38 blocks. The attacker additionally was capable of double spend two huge transactions – 13,000 and 6,600 ZEN – value greater than $550,000 at present costs, based on a assertion made by the event staff. Mining pool operators notified the ZenCash staff of a possible assault and exchanges had been shortly contacted and warned to extend affirmation occasions.

It was potential for the attacker to roll again transactions, however it’s unclear what he did with the preliminary transactions. If he despatched them to an alternate and traded the cash for Bitcoin or another cryptocurrency, the attacker made out like a bandit. The assault occurred over a span of round 110 blocks, making the whole assault size underneath 4 hours. In keeping with 51Crypto, an internet site which estimates the theoretical price of a 51% assault on varied cryptocurrencies, it price the attacker round $30,000.

GPU Mined Forex Beneath Assault

That is now the fourth main 51% assault launched in the previous few months, Bitcoin Gold and Verge being amongst them. These assaults have sparked a lot debate inside the crypto group because the ASIC vs GPU argument rages on.

GPU Mined Currency Under Attack

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