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ZenCash [ZEN] under 51% attack: A victim of blockchain hackers

Simran Alphonso

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ZenCash [ZEN] under 51% attack: A victim of blockchain hackers
Source: Pixabay

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.

ZenCash tweeted:

“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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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

Bitcoin Cash

Bitcoin Cash [BCH] rolls out iOS version of Bitcoin Cash Register

Rishi Raj

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on

Source: Pixabay

Bitcoin Cash [BCH] recently made headlines when the CEO of Bitcoin.com, Roger Ver got involved in a bet of $10,000 with Tone Vays, a popular Bitcoin maximalist which the former lost. After launching a free point-of-scale solution, Bitcoin Cash Register for Android operating systems, Bitcoin.com and its developers have rolled out an iOS version of the same.

Bitcoin Cash register allows anyone with an Android or iOS device to accept BCH payments. This came as a part of the company’s agenda to promote the adoption of crypto in the mainstream. With the installment Bitcoin Cash Register, it would be easier for retailers to accept BCH as payment from customers.



As reported by Bitcoin.com, Bitcoin Cash Register claims to be easy to use without any prior account registration and the transactions are carried out in a non-custodial manner. This was confirmed by Bitcoin.com via a tweet:

The bet between Roger Ver and Tone Vays regarding the low transaction fee had left the social media divided, with proponents on both sides arguing about the authenticity of the bet and factors taken into consideration while betting.





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