Bitcoin Cash Blockchain Undergone 51% Attack Performed by Crypto Miners

By Jenny Aurora | May 27, 2019

Bitcoin Cash has recently undergone a 51% attack on its blockchain system, reportedly caused by miners.

51% attack is an attack against a Proof-of-Work blockchain, normally Bitcoin, with a crypto mining team controlling more than 50% of the network’s mining hashrate or computing power. This leads to the other miners will not be able to mine or undo their transactions.

According to a tweet by Cryptoconomy Podcast host Guy Swann on May 24th, following Bitcoin Cash hard-fork upgrade on May 15th, a 51% attack has occurred in the system. However, in this particular situation, the attack happened because the 2 mining pools – BTC.top and BTC.com – were trying to prevent an outside attacker to take advantage of an update malfunction to steal bitcoins which was transferred to an “anyone can spend” account created in May 2017.

“When the unknown miner tried to take the coins themselves, http://BTC.TOP & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favour 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.” The tweet stated.

51% attack is widely perceived as an unproductive method to gain profit via hacking a specific system, as it takes an immensely large amount of computer power to execute, and when the network has been breached, the users would just disappear.

Recently, The Tron Foundation, one of the largest blockchain-based operating systems worldwide, has reportedly undergone a critical bug, which could have brought down its blockchain network.

Tags: , , , , ,

Related Articles