The Vertcoin team reported a 51% attack on the project’s blockchain, as a result of which the attacker lost more than he could steal.
According to the developers, on November 30, an unknown hacker (or group) used rented computing power in order to reorganize blocks of cryptocurrency and make double spending.
As a result, 603 closed blocks were replaced with 553 new ones, which brought the attacker 13,825 VTC with a total cost of about $ 3200, as well as double spending for 125 VTC.
Such an operation cost an unknown person from $ 3,600 to $ 7,200, depending on the market conditions of the lease..
As a result of the attack, the hacker incurred a loss of $ 400 to $ 4000, respectively.
The project team was never able to understand what purpose the attacker was pursuing, since his actions did not bring profit. However, it was speculated that the target could be Bittrex, which is the main platform for trading Vertcoin. Therefore, they turned to the exchange with a request to cancel the trading pairs with VTC and close the wallet, which, apparently, was the main reason for the termination of the attack..
However, the crypto industry attracts more successful criminals as well. For example, the recent hacking base GateHub wallet compromises the security of 1.4 million users.
How Hacker Stole $25,000,000 in Cryptocurrency
text: Ivan Malichenko, photo: fundera