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Submission + - Hacker Makes Over $18 Million in Double-Spend Attack on Bitcoin Gold Network (bleepingcomputer.com)

An anonymous reader writes: An unidentified hacker has mounted several "double spend" attacks on the infrastructure of the Bitcoin Gold cryptocurrency and has managed to amass over $18 million worth of BTG (Bitcoin Gold) coins in the process. The hacker stole money by deploying a large number of servers to take over 50% of the network's hashrate. This allowed the attacker the ability to modify details of blockchain transactions, an ability he used to perform "double spend" attacks, which as the name implies, allowed him to spend the same amount of coins twice.

The hacker didn't steal money from regular users, but from exchanges. For almost a week the hacker deposited money with exchanges, converted them in altcoins, and withdrew funds, while also depositing the original sum of Bitcoin Gold in other wallets. By the time the Bitcoin Gold blockchain invalidated the transaction, the attacker doubled his money, causing losses to exchanges, who converted and allowed him to withdraw nonexistent funds. The Bitcoin Gold team admitted to the attacks, and said it was preparing network updates to prevent this from happening.

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Hacker Makes Over $18 Million in Double-Spend Attack on Bitcoin Gold Network

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