The offender received control of the blockchain of the crypto currency, so he was able to steal funds from many trading platforms
As a result of a series of cyberattacks on the network of crypto currencies Bitcoin Gold, an unknown hacker stole about 388 thousand coins, which is about $18 million at the average market rate on May 25. Last week the programmer managed to make “51% attack”, which means that he was able to seize control of most of the altcoin network.
According to reports at the Bitcoin Gold forums, the attacks began on May 16, the last one was held on the 19th. The attacker was able to modify the details of transactions in the blockroom of the cryptocurrency, so he deposited funds on the exchange and immediately withdrew them, canceling the original transaction. Thanks to this, he accumulated coins on his own purse.
“The cost of a long attack is high. Because of this, an attacker can only profit if he quickly receives something valuable from a counterfeit deposit. In turn, exchanges can automatically accept large deposits, allowing the user to quickly buy another crypto currency, and then automatically withdraw it, “representatives of Bitcoin Gold said.
By the time when the stock exchanges realized that the block was compromised and the transactions were invalid, the hacker had already managed to withdraw funds. The developers of altcoin advised the trading platforms to increase the number of confirmations necessary for crediting digital money to the client’s account.