The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Gold, Verge and Monacoin: Three Cryptocurrencies Hacked in Just One Week

by Daily Hodl Staff
June 1, 2018
in Scams, Schemes and Hacks

Bitcoin Gold, Verge and Monacoin were all hacked in a single week. The wave of attacks left cryptocurrency exchanges $20 million lighter in customer funds. The biggest attack was on Bitcoin Gold, which led to roughly $18.6 million in losses. The Monacoin attack resulted in about $90,000 in damages, while the Verge attack saw losses of approximately $1.7 million.

The attacks reveal issues with the Proof of Work consensus. Malicious miners are able to game the system by secretly mining new blocks without broadcasting them to other miners. Known as a 51 percent attack, the secret miner forges a new and fraudulent branch of the official blockchain and overtakes it by replicating a fork. Miners can then dupe unsuspecting merchants, for example, into completing transactions on the forged branch.

Reports Motherboard, “To execute the Bitcoin Gold 51 percent attack, the hacker created their own private Bitcoin Gold blockchain and kept the coins mined on this chain in their own wallet. At the same time, on the public Bitcoin Gold blockchain they sent the mined coins to a cryptocurrency exchange, sold them for a different cryptocurrency, and then made a withdrawal.”

Verge tweeted that the attack lasted for six hours before a patch was underway. Monacoin is reportedly working to resolve its issue. Bitcoin Gold is planning a major upgrade to its network near the end of June to change their PoW algorithm.

The Bitcoin Gold Team issued a statement explaining why smaller blockchains are more vulnerable than Bitcoin.

“This is not due to some flaw in blockchain technology; any blockchain – even Bitcoin – can theoretically be attacked by a malicious actor who can control more hashing (computing) power than all the honest miners. Of course, the biggest risk is to a smaller network in the shadow of a bigger one. Bitcoin has an order of magnitude more hashpower than some other coins mined with the same SHA256 algorithm, like Bitcoin Cash and Digibyte, so Bitcoin is relatively safe. Likewise, Zcash has an order of magnitude more hashpower than other coins mined with Equihash, like Bitcoin Gold, ZenCash, and Komodo, so Zcash is relatively safe.

So, why target us, and not another Equihash-based coin? Frankly, it’s likely because we are on more large Exchanges, with significant liquidity and fairly deep order books – these are necessary for an attacker to be able to profit from such an attack. And, as news reports show, we’re neither the first nor the last coin to be attacked this May.”

Meanwhile, in the non-blockchain world, Eventbrite’s Ticketfly, an events ticketing company, took its site down in the wake of a cyber attack. The hacker demanded one Bitcoin in exchange for details on security vulnerabilities of a database allegedly containing personal information, including names, home addresses, email addresses and phone numbers of music industry professionals.

https://twitter.com/FlySupport/status/1002145460692205568?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fwww.theverge.com%2F2018%2F5%2F31%2F17413876%2Fticketfly-website-offline-hack

At time of publishing, Ticketfly remains offline.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,640.41
$27,640.41
0.36%
Ethereum
$1,747.33
$1,747.33
0.59%
Cardano
$0.355076
$0.355076
1.88%
XRP
$0.457049
$0.457049
7.12%
Dogecoin
$0.07436
$0.07436
1.98%

Spotlight

  • Popular Crypto Analyst Says Bitcoin Surge to $40,000 To Happen A Lot Quicker, Issues Warning on Altcoins
    March 23, 2023
  • $359,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours As BTC Reclaims $28,000
    March 23, 2023
  • ARK Invest’s Cathie Wood Says Institutions Will Come for Bitcoin (BTC) Amid US Banking Crisis
    March 23, 2023
  • Embattled Terra (LUNA) Founder Do Kwon Arrested in Montenegro: Report
    March 23, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl