On 3rd June, ZenCash [ZEN] turned into the objective of a 51% assault at 2:43 UTC, according to the ZenCash blog.
A 51% assault is the point at which a noxious individual or gathering takes control of a blockchain by acquiring more than half of the hashrate, taking into consideration the hacker(s) to take control of the system.
“The ZenCash network was the target of a 51% attack on 2 June at approximately 10:43 pm EDT. The ZenCash team immediately executed mitigation procedures to significantly increase the difficulty of future attacks on the network. Read more here”
Along with this, they added the link to the ZenCash Blog that elaborates the actions of the event
Rob Viglione, a Twitter user commented:
“Impressed with how the team handled this. We have great people!”
In any case, ZenCash’s group was more than just prepared for a circumstance like this to happen. The group immediately started an examination on the hashrate dispersion to affirm that it was, indeed, a 51% assault. While hash rates were being researched, different individuals from the ZenCash group reached out to trading platforms to spread awareness of the attack as well as to help them moderate the danger of a twofold spend.
Once the examination was done, the ZenCash group still found that there were two twofold spent exchanges. This implied that the programmer, whoever it was, was allowed to spend their 19,000 ZenCash two times, viably multiplying the value of their ZenCash.
Because of the expanding number of PoW blockchains, it has turned out to be progressively hard to secure each and every blockchain as the hashing power starts to spread meagerly on a few calculations.
In the event of the hack-attack, the ZenCash blockchain was using more than 58 MSols/s. Despite the fact that it is a respectable number, it is likely that the programmers leased a lot of hash control through an administration like NiceHash. Seeing as the programmer escaped with over $550,000 worth of ZenCash, it would be reasonable to accept that the hack cost less than the value of their ZenCash.
These kinds of assaults have turned out to be regular over the past few weeks with Verge, Bitcoin Gold, and Electroneum additionally falling suspect to this hacking technique. Due to these events, a large number of these coin’s qualities endured an extensive shot and have still not recuperated.
The ZenCash team will continue monitoring the network and conduct forensic analysis with the affected exchange. All the information gathered will be provided to the appropriate authorities.
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