Forbes's "Bitcoin Rival Suffers Devastating Attack" reviews DCI's James Lovejoy's discovery of a '51% Attack'

by Billy Bambrough - Jan 28, 2020, 03:48pm

“Bitcoin gold, a relatively minor cryptocurrency that split off from the original bitcoin blockchain in late 2017, has suffered a so-called 51% attack resulting in over $72,000 worth of bitcoin gold tokens being double spent. 

A 51% attack can occur when malicious cryptocurrency miners take control of tokens' blockchain and is the second time it's now happened to bitcoin gold which saw $18 million worth of bitcoin gold stolen in May 2018. 

The price of bitcoin gold, which ranks as the 36th most valuable cryptocurrency according to CoinMarketCap data, jumped following reports of the attack, moving counterintuitively considering the seriousness of an attack of this type and suggesting the market for smaller tokens is still far from maturity…”