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New 51% attack on ZenCash, hackers’ revenue makes $550,000

03 June 2018 21:00, UTC

ZenCash has become yet another digital currency which has suffered from a 51% attack. This type of malicious activity allows to take control of the majority of the nodes in the blockchain network, which allows hackers to mine digital coins much faster than they would have been able to do under normal conditions.

The news has been directly confirmed by the official social media channels of ZenCash:

In less than 4 hours, hackers have made $550,000 by using double spend transactions by reorganizing 38 units of the blockchain.

13-09-2019 14:30:00  |   Investments

ZenCash joins the list of victims of a 51% attack which has lately been expanding fast: Bitcoin Gold and Verge have experienced the same security breach. Seeing speculations about Litecoin, its creator Charlie Lee has noted that this type of attack would be expensive for hackers.

15-11-2017 00:00:00  |   Regulation

The future coming of quantum computers can make similar attacks possible in a matter of seconds. The dangers of this innovation for modern cryptocurrencies have been confirmed by the University of Sydney and Ethereum founder Vitalik Buterin. Most small altcoins' developers do not seem to bother with the progress of computing hardware which can prove to be their ultimate undoing.

Image: CryptoPost