Vertcoin Hit by 51% Blockchain Network Attack

Vertcoin Hit by 51% Blockchain Network Attack

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December 5, 2018 by Sandra Onyeiwu
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Vertcoin (VTC) is currently struggling with a series of 51 percent attacks and a number of blockchain reorganizations. According to recently published data, the vertcoin chain has experienced over 22 reorgs and has lost more than $100,000 due to the attacks, with the last reorg clocking in at over 300 blocks deep. Coinbase has given
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Vertcoin (VTC) is currently struggling with a series of 51 percent attacks and a number of blockchain reorganizations.

According to recently published data, the vertcoin chain has experienced over 22 reorgs and has lost more than $100,000 due to the attacks, with the last reorg clocking in at over 300 blocks deep.

Coinbase has given an official statement on this attack, claiming that the Bitcoin-like networks (or fork of BTC) are weaker and less secure. This may be why Coinbase did not list vertcoin, whereas, competing exchanges including Binance and Bittrex have listed it.

Vertcoin isn’t the first cryptocurrency to suffer a 51% attack, and it probably won’t be the last. Bitcoin Gold and Verge came under similar attacks this year, exposing the vulnerabilities in the Nakamoto consensus algorithm.

Mark Nesbitt, a security expert, revealed that the blockchain of Vertcoin, was attacked by some anonymous cybercriminals who rented a large amount of ASIC hash rate to attack the four-year-old cryptocurrency network. They eventually got hold of more than 50% of the mining hash rate which allowed them to own and govern the Vertcoin public chain literally.

In a blog post, Mark Nesbitt made a thorough analysis of the event of the attack. Coinbase has been providing information about these attacks related to the financial impact they had, and the details regarding their duration.

In addition to it, the engineer said that 51% attacks have significant implications on the ‘long tail’ of cryptocurrency assets. About it, Nesbitt wrote:

“There are a large number of cryptocurrencies, including many based on Bitcoin, that implement their own proof of work based blockchains. Observers of the industry have claimed that these assets have the same properties as Bitcoin. This claim has now been undeniable, empirically proven to be false.”

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