• Someone performed attack 51% on Vertcoin blockchain.
  • The attacker potentially targeted Bittrex or tried to sabotage the network.

On Sunday, December 1 the Vertcoin blockchain experienced attack 51%, but it turned out to be not entirely successful for its organizers as the profits did not cover the costs of the attack.

Vertcoin' lead developer James Lovejoy reported the unsuccessful attempt to carry out an attack on the network.

He noticed that on November 30 the cost of renting resources for Lyra2REv3 algorithm used by Vertcoin grew significantly. While on December 1, an unknown attacker removed 603 blocks from the main Vertcoin network and replaced them with their own 553 blocks.

However, the attacker faced some issues.

Based on the market prices during the attack's preparation and the difficulty of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to perform the attack. The total value of the block rewards the attack received is 13825 VTC (~0.44 BTC). Given the attack was likely not profitable to perform based solely on block rewards, the motivation for the attack is not certain, James Lovejoy wrote.

He also noted that after he contacted Bittrex, the largest marketplace for VTC, the exchange blocked its wallets.

Given the reorg was just deeper than 600 blocks (Bittrex's confirmation requirement for VTC), it is possible that Bittrex was the original target, but the double-spend portion attack was aborted due to Bittrex disabling their wallet before the fork could be released, Lovejoy wrote.

He also suggested that the attacker did not initially set the goal of double spending and carried out an attack to check the stability of the network or sabotage.

Vertcoin is a fork of bitcoin that exists since 2014. It takes the 194th place in the CoinMarketCap rating. Over the past 24 hours it lost 10% of its value to trade at $0.235 at the time of writing.

This is also not the first case of a 51% attack on Vertcoin - the previous such incident happened in December 2018.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP