• 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
    • 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
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • 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
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
ZenCash Targeted with 51% Attack
Advertisement

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

Matthew Hrones by Matthew Hrones
5 years ago
in News, Altcoin News, News teaser
0
Advertisement

The ZenCash network was attacked earlier today via a 51% attack. The attacker managed to reorganize the blockchain multiple times, successfully double spending two transactions.


Over $550,000 Double Spent

ZenCash is a Proof of Work cryptocurrency based on the popular Equihash mining algorithm. Equihash is used by several other popular currencies, most notably ZCash, meaning that there is a very large pool of total Equihash hash rate in the world that can be used on a variety of networks. ZEN is a fork of ZClassic that launched in late May 2017, using the same codebase as ZCash.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Yesterday, the ZenCash network experienced a 51% attack, where one person or party controls 51% of the hash rate. The hash rate influx allowed the attacker to reorganize the blockchain several times, with the largest rollback reversing 38 blocks. The attacker also was able to double spend two massive transactions – 13,000 and 6,600 ZEN – worth more than $550,000 at current prices, according to a statement made by the development team. Mining pool operators notified the ZenCash team of a potential attack and exchanges were quickly contacted and warned to increase confirmation times.

Over $550,000 Double Spent

It was possible for the attacker to roll back transactions, but it is unclear what he did with the initial transactions. If he sent them to an exchange and traded the coins for Bitcoin or some other cryptocurrency, the attacker made out like a bandit. The attack occurred over a span of around 110 blocks, making the total attack length under four hours. According to 51Crypto, a website which estimates the theoretical cost of a 51% attack on various cryptocurrencies, it cost the attacker around $30,000.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

GPU Mined Currency Under Attack

This is now the fourth major 51% attack launched in the last few months, Bitcoin Gold and Verge being among them. These attacks have sparked much debate within the crypto community as the ASIC vs GPU argument rages on.

GPU Mined Currency Under Attack

Last week, a website was created showing the costs incurred in renting enough hash power via NiceHash to attack specific networks. Shockingly, several crypto-currencies not only were cheap to attack but also had plenty of hash rate for sale on NiceHash with which such an attack could take place. When 51% attacks were considered in the past, most calculations included the cost of hardware, electricity, and maintenance. But this new “rent-a-attack” method is proving dangerous for smaller networks.

What do you think about the recent string of attacks? Do you hold any GPU minable coins? Let us know in the comments below!


Images courtesy of Pixabay, Bitcoinist Archives

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Matthew Hrones

Matthew Hrones

I'm a computer science student with heavy interest in cryptocurrencies and decentralized systems. I've been writing since the June 2017, and hope to become more involved in the community as time goes on

Related Posts

Korean Financial Services Commission Chair Announces Security Tokens

Korean Financial Services Commission Chair Announces Security Tokens

2 weeks ago
DCG

Tron Founder Justin Sun Ready To Invest $1 Billion On DCG Assets

3 weeks ago
Denver

ETHDenver Primer: What You Can Expect From Ethereum’s Largest Annual Conference

3 weeks ago
ETF

Samsung Unveils Bitcoin Futures ETF Amid Escalating Crypto Interest

4 weeks ago
Hong Kong Flag

Hong Kong to Limit Retail Investors’ Crypto Trading to Only ‘Highly Liquid’ Assets

4 weeks ago
Mango

CFTC Sues Trader Over Alleged Mango Markets Scam

4 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Who Will Dethrone Ethereum, Solana or Fantom? Big Eyes Coin...

    13 hours ago
  • Twitter Users Roast Mark Wahlberg’s Documentary On FTX...

    13 hours ago
  • Crypto Is Here to Stay. Here’s Why You Should Invest...

    22 hours ago
  • Dogecoin (DOGE) and Shiba Inu (SHIB) Bounce While Snowfall...

    22 hours ago
  • Avalanche (AVAX), Gala (GALA), and Orbeon Protocol (ORBN)...

    1 day 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
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • 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
  • Win 1 BTC

© 2022 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.