ZenCash [ZEN] latest ALT coin suffers 51% double-spend hack
ZenCash being a large cryptocurrency exchange platform, where you can connect with other and send them digital money. Now the platform is under 51% attack. The collecting takes control of a blockchain by gaining more than half of the hashrate. This is taking into consideration that the hacker will take control of the system.
A tweet from ZenCash says:
“The ZenCash network was the target of a 51% attack on 2 June at approximately 10:43 pm EDT. The team immediately executed mitigation procedures to significantly increase the difficulty of future attacks on the network. Read more here”
The attack on ZenCash was announced in one of the blogs of the website and they added a link for more details.
Rob Viglione, a Twitter user commented:
“Impressed with how the team handled this. We have great people!”
The company was not prepared for such a situation, but as soon as the attack happened they took immediate action. Company also instantly ran a test to check how much the hashrate was affected, or the hashrate dispersion on the platform. This was to confirm that it was indeed a 51% attack. While the investigation was going for the hashrate, people who were researching about the coin were informed about the attack. Group also reached other trading platforms to spread the awareness of the attack and helped them moderate the danger of twin spends.
After the investigation, investigators found that there were still double sent exchanges on the site. This means the developer who programmed has allowed spending their 19,000 ZenCash twice, multiplying the value of their ZenCash.
As there is a lot of work going in growing of PoW Blockchain, this has come out to be progressively becoming difficult to protect all the Blockchain as the hashing power starts to spread insufficiently on a few accounts.
During the attack, the ZenCash Blockchain used 58MSols/s. Though this is a good number, it is predicted that developers may have leased a lot of hash control from the administration like NiceHash. Looks like the developers have run away with over $550,000 worth of ZenCash, it is easy to accept that the hack cost less than a total value of their company.
These attacks have been occurring very often these days. The past few weeks Verge, Bitcoin Gold, and Electrneum were attacked. Due to such attacks, a large number of coins are suffering to a large extent and have not improved yet.
The team is keeping an eye out for these kinds of attacks. The company is also monitoring the network and conducting forensic analysis with the affected exchange. Information collected will be provided to the appropriate people.
Image via Shutterstock
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