A double cybernetic attack took place last week on the Bitcoin Gold network. BTG has been subjected to one of the most damaging crypto attacks in the last month.
The announcement was made by Edward Iskra, the platform’s Director of Communication on 18 May. He then explained that a miner with illegal intentions attempted to extract the funds held by the crypto exchange.
To gain access to platform data, the miner has managed to purchase more than 51% of the total hashpower, which gave the assured control of the blocks. Even though the Bitcoin Gold network can’t be compared to Bitcoin or Ethereum at block size, it’s costly to buy a large percentage of the hashpower. However, this can be omitted if it’s a double attack.
Once the miner succeeded in gaining control over the platform system, he tried to trade BTG directly to crypto exchanges and crypto wallets. A specific number of BTGs were deposited at exchanges, respectively withdrawn in the following moments.
According to the reports, since 16 May the miner has sent over 388,200 BTG to a personal address. Bearing in mind that it was a double attack, the researchers of the attack assumed that the miner would have stolen more than $ 18.6 million worth in cryptocurrencies.
The last transaction was recorded on 18 May, but there is no barrier that could prevent the attacker from resuming operations in case he has yet the necessary hashpower. According to Bitcoin Gold, the attacker has successfully managed to reverse the transfers from 22 blocks.
At the time of writing, BTG is valued at $46.99 and has a market capitalization of $799,987,211.