51 percent attack on Vertcoin (VTC) – Axtschmiede


51 percent attack on Vertcoin (VTC)

Unknowns carried out a 51 percent attack on the Altcoin Vertcoin (VTC) network this weekend. This resulted in a reorganization of Blockchain. Financially worth the attack for the perpetrator or not. This is already the second successful 51% attack on Vertcoin.

Almost exactly a year ago, the Bitcoin clone Vertcoin fell victim to a 51 percent attack for the first time . The development team responded by switching Vertcoin to the proof-of-work Lyra1REv3 algorithm. This was to cheat on the older Lyra2REv2 algorithm specialized ASIC miners; Vertcoin plans to change its mining algorithm as ASIC Miners begin dominating mining.

For the attack, which was carried out on December 1, according to the Vertcoin developer James Lovejoy, apparently borrowed computing power was used. As a result, on November 30, Vertcoin Miner noted an unusually sharp increase in prices for Lyra2REv3 cloud mining services at the provider Nicehash.

Vertcoin, 51 percent attack on Vertcoin (VTC)

The attacker had thus for some time the most computing power in the network on it. This circumstance allowed him to rewrite the transaction history of the network in his favor. As Lovejoy points out, as part of the 51 percent attack, 603 blocks were removed from the regular version of the Vertcoin Blockchain and replaced by 553 manipulated blocks.

Was the Vertcoin attack Bittrex?

In this way, the attacker was able to obtain block rewards of around 14,000 VTC (around 3,200 US dollars at the time of writing). Also, a total of five double spends were tried. These failed, however, because the US Bitcoin Exchange Bittrex — the main hub of VTC — their Vertcoin Wallets could block in time. The 51 percent attack apparently cost more than it brought the attacker. Lovejoy estimates the cost of the 51 percent attack at 0.5 to 1 bitcoin. The chosen scope of the reorganization of the Vertcoin Blockchain suggests that the attacker had targeted the US Bitcoin Bittrex exchange.

Since [the blockchain reorganization] was just over 600 blocks (Bittrex’s VTC transaction acknowledgment request), it is possible that Bittrex was the original target,

Vertcoin, 51 percent attack on Vertcoin (VTC)

The Vertcoin developer speculates in his communication on GitHub .

However, the repeated 51% attack on the Altcoin, which is at the bottom of the Top 200, has shown that smaller, proof-of-work networks can be attacked with relatively little capital. For comparison, the acquisition cost of mining hardware, which would allow a 51 percent-percent attack on Bitcoin, is currently around $ 17 billion. But without any downer, the big Bitcoin network does not come along either. With AntPool (11.8 percent), BTC.com (15 percent) and F2Pool (15 percent) and Poolin (15.2 percent), just under a handful of mining pools are more than 57 percent of computing power.

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