Home News Vertcoin 51% Attack ‘Motive Uncertain’ as Hackers Lose up to $4,000

Vertcoin 51% Attack ‘Motive Uncertain’ as Hackers Lose up to $4,000

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Unknown hackers have tried to launch a second 51% assault on Vertcoin (VTC) however ended up paying for the privilege out of their very own pockets.

As Vertcoin’s lead maintainer James Lovejoy revealed in a report on the assault on Dec. 2, a malicious entity focused cryptocurrency change Bittrex so as to manipulate the Vertcoin blockchain.

Hackers paid at the least $440 to assault VTC

Vertcoin forked off from Bitcoin (BTC) in 2014 and skilled a significant assault in December final yr, throughout which hackers stole funds worth $100,000

This time, nonetheless, it seems the exploit was a lot much less profitable. 

“Based on the market prices during the attack’s preparation and the difficulty of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to perform the attack,” Lovejoy defined. 

As a end result, the hackers seem to have come out with a web lack of between 0.06 BTC ($440) and 0.56 BTC ($4,100): 

“The total value of the block rewards the attack received is 13825 VTC (~0.44 BTC). Given the attack was likely not profitable to perform based solely on block rewards, the motivation for the attack is not certain.”

Fighting for scraps

Bittrex is VTC’s fundamental buying and selling venue. After noticing suspicious exercise, Lovejoy requested the change halt VTC pairs, which appeared to restrict the assault’s success. 

“Given the reorg was just deeper than 600 blocks (Bittrex’s confirmation requirement for VTC), it is possible that Bittrex was the original target, but the double-spend portion attack was aborted due to Bittrex disabling their wallet before the fork could be released,” he added.

VTC/USD has fallen round 7% to $0.23 prior to now 24 hours, however the transfer is broadly insignificant inside the context of 2019 highs of $0.61 seen in June.

As Cointelegraph reported, Bitcoin stays rather more immune to 51% assaults thanks to its provably decentralized construction and unrivaled hash rate.

As well-known pundit Andreas Antonopoulos beforehand noted, with Bitcoin, such an assault would value round $1 billion for a 10-minute offensive, one thing which in itself is all however unattainable to obtain.

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