May 2018 - Bittrex Bitcoin Gold Double-Spend - $255k+ (Liechtenstein)
“Bitcoin Gold was hijacked with rented computing power. After hackers took control of more than 51 percent of the overall hash power, more than 388,000 BTG (approx. $18 million at the time) was stolen from cryptocurrency exchanges like Bittrex. Hackers were able to use “double-spending,” a method of repeatedly tricking an exchange into transferring more coins than it should.”
Further Analysis
It isn’t known the exact amount taken from Bittrex through the 51% double spend attack, however they demanded $255k from Bitcoin Gold developers or the coin would be removed. Bitcoin Gold is now notorious for the ease with which double-spend attacks can occur. The solution is a simple and reasonable delay on larger withdrawals, which would normally be in cold storage.
More Cryptocurrency Exchange Hacks/Scams/Frauds
Binance Bitcoin Gold 51% Attack > > < < Taylor Ethereum Hack
Sources/Further Reading
Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace (Feb 15)
Double Spend Attacks on Exchanges - Announcements and Site Feedback - The BTG Community Forum (Apr 29)
Bitcoin Gold suffers double spend attacks, $17.5 million lost | ZDNet (Nov 9)
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