New information indicates that Bitcoin Gold experienced a 51% attack last week. A total amount of over $70,000 was double-spent, which raises questions regarding its security since this is the second similar attack on the network.
A 51% attack occurs when a single organization or entity takes control of the majority of a particular network’s hash rate. Once its executed, the perpetrators have control over the transactions to modify the ordering, prevent them from being confirmed, reverse them, or facilitate double-spending.
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