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ZenCash Suffers 51% Attack

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ZenCash suffered 51% attack on 2nd June. The hacker tried to attack the blockchain with double spending, ie hacker tried to manipulate blockchain to double the number of transactions. The hack was informed by mining pool developer, which prepared exchanges to secure their platform.

ZenCash Suffered 51%  Attack

According to the official statement,  ZenCash was subjected to a 51% attack on 2nd June. Hacker was successful to rearrange 38 blocks, after which he made transfers worth 13,000 and 6,600 ZENs. Around 110 blocks suffered from the attack, which lasted for 4 hours.

It is still not clear if the hacker has extracted stolen cryptocurrencies or not, moreover, there’s no confirmation for the sell of these ZENs from exchanges or if it was converted into Bitcoins. Latest report from 51Crypto reveals that hackers seem to have spent $30,000 for the attack.

Previously, there was similar 51% attack on Verge, Monacoin and Bitcoin Gold earlier this year. It is counted as latest 51% attack in the first quarter of 2018. Apparently,  increase in the number of such attacks, mostly being 51 % attack has risen concern in the market.

Last week  51Crypto released a report on costs required to attack 80 different cryptocurrencies with 51% attack. It was surprising to know that many of the altcoins don’t require a large sum of money to establish an attack. Unfortunately, coins like Bytecoin require just $937 for 51% attack, and hacking of Bitcoin network needs $632,949.

If you want to read on recent attack on crypto space

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