Bitcoin Gold continues to weigh on the entire Crypto market

So-called "double-spend" (an attack in which tokens can be spent in more than one transaction) in the Bitcoin Gold network continues to have a negative impact on the entire Crippto market. Bitcoin Gold Communications Director Edward Iskra first warned consumers of the attack on May 18th, explaining that a malicious digger used the exploit to steal funds from Crippas exchanges.

In order to perform the attack, the digger acquires at least 51% of the total hashed power of the network, which gives him temporary control over the block. Getting so much hashed power is incredibly expensive, even on a smaller network like Bitcoin Gold, but it can be monetized using a double-impact tandem.

After gaining control over the network, the attacker began to deposit the BTG on cryptoblocks while trying to send the same tokens under their control. Typically a block would allow this by including only the first block transaction, but the attacker manages to reverse the transactions because it has majority control over the network.

They are therefore able to deposit funds on the exchanges and quickly withdraw them and then revert to the original transaction to be able to send the tokens that originally deposited into another portfolio.

As reported, the digger manipulates two of the Verge token's hashing algorithms to abuse more than 35 million XVG, worth $1.75 million in just a few hours. Previously, the Japanese crystalline monacoin was a victim after a digger had reached 57% of the hash net of the net.

Source: Bloomberg

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