• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?

BitMex Insurance Fund Can Finance 51% Attack on Bitcoin Cash For a Year

Esther Kim by Esther Kim
4 years ago
in News, Altcoin News, Altcoins, Bitcoin, Bitcoin Businesses, Litecoin, News teaser
0

Hong Kong-based trading platform BitMEX owns so much Bitcoin that it could launch multiple 51 percent attacks against some altcoins for months.


Bitcoin Insurance Fund Worth $76 Million

Those were the results of calculations from social media commentators this week as it emerged BitMEX’s Insurance Fund now contains 21,350 BTC ($75.9 million).

The “monstrously large” fund, as Twitter account loomd’rat described it in December, has accelerated its accumulation in recent months as the Bitcoin price tanked from $6500 to $3500.

According to BitMEX’s own statistics, on January 1, 2018, the fund had a balance of just 2720 BTC ($9.6 million).

Bitcoin podcast producer Zack Voell expressed the balance a year later in different terms, such 1 percent of cryptocurrency exchange Coinbase’s recent evaluation or 2 infamous Bitcoin pizzas from 2010.

“…BitMEX’s Insurance Fund growth (an unbeatable benchmark) is roughly as predictable as Bitcoin’s monetary policy,” he commented, uploading a graph of Bitcoin’s steady issuance versus the fund’s growth.

Also, BitMEX's Insurance Fund growth (an unbeatable benchmark) is roughly as predictable as Bitcoin's monetary policy. pic.twitter.com/kcZ9cTGX5c

— Zack Voell [Bitcoin Noob] (@zackvoell) January 22, 2019

Insane BTC Stash

As Bitcoinist reported, research had previously delivered stark warnings about the ease of attacking some altcoins’ blockchains to manipulate transaction credibility. With a relatively insignificant amount of money, a malicious party could launch attacks on some of the best-known altcoin networks.

“BitMEX’s Insurance Fund is currently worth 1 percent of Coinbase valuation, 2x Laszlo’s pizzas, 580 2018 GranTurismos, 3,800 hours of an LTC 51 percent attack,” notes Voell.

Litecoin [coin_price coin=litecoin], which researchers included in the findings in May last year, would cost around $18,000 per hour to attack at current prices.

Other assets fared much worse, with Bytecoin (BCN) costing just $557 per hour at the time. BitMEX could now theoretically finance a 51 percent attack on Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), and others for more than a year.

Responding to Voell, however, Twitter users highlighted the size of BitMEX’s holdings as their primary concern.

“(T)he fact that people put up with Bitmex’s products speaks to 1) the maturity and competence of market participants and 2) the state of ‘good’ exchanges in the space, or lack thereof,” one wrote, describing the BTC horde as “literally insane.”

In August, Bitcoinist reported that BitMex moved into the world’s most expensive office building, located in Hong Kong.

BitMEX did not immediately weigh in on the criticism.

What do you think about BitMEX’s insurance fund? Let us know in the comments below!


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Esther Kim

Esther Kim

Related Posts

USDC and Abritrum

Circle Announces Launch of Native USDC on Arbitrum Network, Aims for Faster Transactions

1 day ago
Circle

Circle And Arbitrum Launch Native USDC: What You Need To Know

2 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

4 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

5 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

5 days ago
USDT Market Spikes While USDC Dips Amid Economic Uncertainty

USDT Market Dominance Spikes While USDC Dips Amid Economic Uncertainty

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    2 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    2 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    2 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • As Polygon (MATIC) volumes soar, top analysts forecast...

    4 hours ago
  • Strategic Crypto Investments: 5 Coins to Watch in 2023

    7 hours ago
  • XRP Consultant and AI Crypto Analyst States ‘Best...

    11 hours ago
  • 6 Figures Crypto Portfolio Builder: Cosmos (ATOM)...

    12 hours ago
  • Floki Inu Trading Volume Jumps 300% in 24 Hours—Enough to...

    13 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.