Cryptocurrency news

Privacy Coin 51 Percent Hacked – Network Still Vulnerable

Privacy Coin 51 Percent Hacked – Network Still Vulnerable.

Privacy-centric blockchain network Grin suffered a 51% attack, a type of attack where a single miner (or a group of miners) gained more than 50% of the mining hash power and took over the network.Mining Pool 2Miners reported the incident first.

Grin Under Attack

According to 2Miners, an unknown mining organization gained about 57% hash power, which enabled the organization to carry out attacks. In addition, 2Miners had to cease its activities, fearing the rejection of new blocks.

Grin Hash Power Distribution
Grin Hash Power Distribution

According to a Grin community member, the attacker was able to rearrange new blocks. Users can follow this address to view one of the fork-focused blocks. The attacker created this block on November 7 at 23:17 UTC.

“After a short while, the organization appears to have successfully created major reorgians in an attempt to spend twice as much on an exchange. The success of the attack could not be determined in the official chat room of the Grin community member. “

He learned that the Grin team had kept all exchanges informed about the situation and that hackers were working with them to prevent fork-focused crypto spending.

Similar Attacks Occur From Time To Time

The 51% attack has plagued major PoW blockchains in the past as well. For example, a similar attack to Ethereum Classic took place in September.

Launching 51% attacks on some PoW blockchains, especially those with a small number of miners or low hashing power, is not too expensive. In fact, the estimated cost of doing the 51% attack on Grin for one hour is currently only $ 77, according to Crypto51.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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