Top Six Attacks Affecting Cryptocurrency in 2018
The cryptocurrency industry is experiencing a tough time from many different angles. One that is often overlook is the security area. A new attack, called the “51% Attack” disrupts networks quickly and in succession. In 2018, there have been seven successful 51% Attacks. Here are the attacks, from the oldest to most recent.
Electroneum experienced an attack in April 2018. The altcoin was founded upon a CryptoNight algorithm and since the attack, developers have made the necessary changes to improve its security. Since, it has not experienced any attacks.
Monacoin, a popular cryptocurrency in Japan, experienced an attack on May 13, 2018. During the attack, the cryptocurrency used the Lyra2Rev2 algorithm. At the time, the attacks were successful and caused $90,000 worth of damage. It seems that very few mining algorithms are safe from attack.
Bitcoin Gold Double-Dip
Bitcoin Gold experienced the second May attack on the 16th of the month, and another 3 days later. The two attacks were small in scale, but they managed to derail Bitcoin Gold and cause damage that is still noticed today.
Verge experienced one attack that managed to baffle many people, especially because the platform has a five-algorithm mining approach, which makes it virtually impossible to attack the system. However, attackers used the Lyra2Re algorithms and successfully stole 35 million XVG, which only solidifies just how disastrous the attacks can be.
Litecoin Cash experienced an attack around May 31. The attack was confirmed by the Reddit community and though the incident certainly caused some panic, there is nothing that could have been done in hindsight.
Lastly, ZenCash attack took place on June 3rd. Attackers used three double spends during the attack and due to the attack, most exchanges require a higher number of transaction confirmations before crediting a deposit.