Bitcoin Gold Gets Hit With Double Spend Attack – Exchanges Loses $18.6 Million

Bitcoin Gold Gets Hit With Double Spend Attack – Exchanges Loses $18.6 Million

A malicious Bitcoin Gold miner executed a “double spend attack” on Bitcoin Gold’s network last week. This makes BTG the third altcoin to suffer from a network attack over the last week.

The director of communications for Bitcoin Gold, Edward Iskra, warned its users about the attack on May 18. He explained that the miner was utilizing an exploit to steal funds from various cryptocurrency exchanges.

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The malicious minor acquired at least 51% of the networks hash power in order to execute the attack. This enabled the minor to temporarily control the blockchain. This amount of hash power is incredibly expensive but can be monetized by using it in tandem with a double spend attack.

Once the malicious miner gained control of the network, the attacker deposited the Bitcoin Gold to various exchanges while sending those coins to a wallet under their control.

Typically the blockchain would only include the first transaction within the block, however the miner was able to reverse the transactions as they had the majority control over the network at that time. As a consequence of this, they were able to quickly withdraw the funds to their online wallet.

The Bitcoin Gold address listed above has received more than 388,200 BTG since May 16. Assuming these were associated with the double spend attack, the miner stole as much as $18.6 million worth of funds from various exchanges.

Bitcoin Gold is the third cryptocurrency to be hit with a major attack within the past week. Verge, as well as Monacoin, were also attacked after a miner gained as much as 57% of their networks hash rate. 35 million Verge coins were stolen within just a few hours. The Verge team has no comment regarding the incident, at this time.

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