Blockchain’s Once-Feared 51% Attack Is Now Becoming Regular
Monacoin, bitcoin gold, zencash, verge and now, litecoin cash.
At least five cryptocurrencies have recently been hit with an attack that used to be more theoretical than actual, all in the last month. In each case, attackers have been able to amass enough computing power to compromise these smaller networks, rearrange their transactions and abscond with millions of dollars in an effort that’s perhaps the crypto equivalent of a bank heist.
More surprising, though, may be that so-called 51% attacks are a well-known and dangerouscryptocurrency attack vector.