ZenCash Suffered a 51% Attack; 19,600 ZEN Were Stolen
The crypto network dubbed ZenCash has suffered a 51% attack on 2nd June. The hacker managed to make several changes within the blockchain-based system and double the number of transactions.
ZenCash is a private cryptocurrency that operates on the Equihash mining protocol, also used by other famous crypto assets such as ZCash. This indicates that Equihash has enough hash rate to support multiple networks. ZEN coin was forked from ZCassic, released in May 2017.
ZenCash suffered a 51% attack
On 2nd June, ZenCash has been subjected to a 51% attack. The hacker managed to rearrange 38 blocks, after what he made two transfers worth 13,000 and 6,600 ZENs, according to an official statement. The ZenCash team was quickly informed by the mining pool developers, following a tension among the crypto exchanges that secured their platforms.
The costs= $ 30,000
It isn’t known whether the hacker extracted stolen cryptocurrencies or not and which were the next steps, did he sold them on a crypto exchange or converted them into Bitcoins. The attack took place for 4 hours, during which 110 blocks suffered. According to the latest report made by 51Crypto regarding the costs of a 51% attack on different cryptocurrencies, we can assume that the hacker has spent $ 30,000 to make the attack.
This became the latest 51% attack in the first quarter of 2018. Among other cryptocurrencies that have suffered in the last months, we find Bitcoin Gold, Monacoin and Verge. Apparently, their number increases, which produces a wave of contradictions within the crypto community.
Last week, the platform dubbed 51Crypto revealed the costs of a 51% attack on over 80 cryptocurrencies. It was amazing that many of the crypto networks don’t require large amounts to be attacked. For example, for a 51% attack on Bytecoin, you’ll need just $ 937, for Litecoin Cash, the latest fork of Litecoin – $ 319, while hacking the Bitcoin network requires $ 632,949.