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

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

THELOGICALINDIAN - The ZenCash arrangement was attacked beforehand today via a 51 advance The antagonist managed to accommodate the blockchain assorted times auspiciously bifold spending two transactions

ZenCash is a Proof of Work cryptocurrency based on the accepted Equihash mining algorithm. Equihash is acclimated by several added accepted currencies, best conspicuously ZCash, acceptation that there is a actual ample basin of absolute Equihash assortment amount in the apple that can be acclimated on a array of networks. ZEN is a angle of ZClassic that launched in backward May 2024, application the aforementioned codebase as ZCash.

Yesterday, the ZenCash arrangement accomplished a 51% attack, area one being or affair controls 51% of the assortment rate. The assortment amount arrival accustomed the antagonist to accommodate the blockchain several times, with the better acknowledgment abandoning 38 blocks. The antagonist additionally was able to bifold absorb two massive affairs – 13,000 and 6,600 ZEN – account added than $550,000 at accepted prices, according to a statement fabricated by the development team. Mining basin operators notified the ZenCash aggregation of a abeyant advance and exchanges were bound contacted and warned to access acceptance times.

Over $550,000 Double Spent

It was accessible for the antagonist to cycle aback transactions, but it is cryptic what he did with the antecedent transactions. If he beatific them to an barter and traded the bill for Bitcoin or some added cryptocurrency, the antagonist fabricated out like a bandit. The advance occurred over a amount of about 110 blocks, authoritative the absolute advance breadth beneath four hours. According to 51Crypto, a website which estimates the abstract amount of a 51% advance on assorted cryptocurrencies, it amount the antagonist about $30,000.

This is now the fourth above 51% advance launched in the aftermost few months, Bitcoin Gold and Verge being amid them. These attacks accept sparked abundant agitation aural the crypto association as the ASIC vs GPU altercation rages on.

GPU Mined Currency Under Attack

Last week, a website was created assuming the costs incurred in renting abundant assortment ability via NiceHash to advance specific networks. Shockingly, several crypto-currencies not alone were bargain to advance but additionally had affluence of assortment amount for auction on NiceHash with which such an advance could booty place. When 51% attacks were advised in the past, best calculations included the amount of hardware, electricity, and maintenance. But this new “rent-a-attack” adjustment is proving alarming for abate networks.

What do you anticipate about the contempo cord of attacks? Do you authority any GPU minable coins? Let us apperceive in the comments below!

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