FAQ?
What are the three types of cryptocurrency attacks?
Here, we present three of them: 51% attack, smart contract bugs and dusting attack. The first one 51% attack can be performed on most cryptocurrencies. In this attack, a person or a group manages to gain control of at least over 51% of the mining power in the blockchain network.
What are the potential flaws of cryptocurrencies?
Potential flaws of cryptocurrencies. There were 51% attacks on two large cryptocurrency networks, ZenCash and Bitcoin Gold, in Summer 2018. The total cost covered $550,000 and $18 million respectively. A month before, hackers held the same attack on Verge startup, which lost about a quarter of its funds.
Can cryptocurrency be hacked?
Cryptocurrency attacks are performed all the time; sometimes, they are successful. Hackers find out the code flaws, use the disadvantages of blockchain technology and even attack the cryptocurrency exchanges. And the conclusions are not that positive. Safety is one of the cryptocurrency advantages.
What is a 51% attack on a cryptocurrency?
The first one 51% attack can be performed on most cryptocurrencies. In this attack, a person or a group manages to gain control of at least over 51% of the mining power in the blockchain network. With such control, the hackers are able to block the confirmation of transactions or block others from mining, earning all the mining rewards.
