Bitcoin Gold Falls Victim to a 51% Attack Worth Over $70,000

Cryptomode Bitcoin Gold

Many different “versions” of Bitcoin have been created over the years. None has been as successful as the real thing, for rather obvious reasons.

In the case of Bitcoin Gold, the uphill struggle has been very real. 

Another Bitcoin Gold 51% Attack

Over the years, this forked version of Bitcoin has dealt with multiple 51% attacks.

According to a GitHub report, the latest incident took place over the weekend. 

During the previous attack in May 2018, roughly $18 million in BTG was double-spent on the network.

This latest incident saw $1,900 bitcoin gold being double spent on January 23.

Another $53,000 in BTG was double-spent the day after. 

Finding the reason for this sudden behavior will be a problematic aspect.

It is evident that several blocks on the network were rewritten due to this double-spend attack.

One common denominator is how the blocks were all mines with the same address in the coinbase transaction.

It is possible that this was an attack against Binance, as the exchange’s confirmation requirements would have allowed for a rather successful attack. 

One has to wonder if these attacks are even remotely profitable.

As outlined in the post, it seems unlikely that financial loss occurred, albeit profit margins are rather slim. 

It is another unfortunate development, and one that shows how forking Bitcoin’s code is the easy part of the job. 

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.