Bitcoin Cash ABC hit 51%. The end of the coin?
It is no secret that any cryptocurrency literally bears a target for hackers and digital criminals who actively attack even popular coins. The criminals are waiting for the right moment, waiting for several years to start their own scam. Something similar happened with the recently split cryptocurrency Bitcoin Cash. As part of the coin system, a hard fork took place, which we analyzed earlier. And the second branch of the Blockchain – ABC, which remained in the minority, has now undergone a well-planned 51% attack. Next, we will discuss everything there is to know about this event. We will also analyze the significance of this situation for the entire industry. So let’s get started.
Context
Our regular readers will remember that literally two weeks ago, a large-scale update took place in the Bitcoin Cash altcoin. The introduction of new rules and patterns has not been without blockchain division. Part of the community continued to work on the classic branch of the coin, supporting Bitcoin Cash, and some users decided to stay in the coin until the update. The asset received an alternative name Bitcoin Cash ABC and now it will develop as an independent cryptocurrency. But, unfortunately, it was not without technical problems.
The network, weakened by the recent update, was attacked by unknown miners who fraudulently subjugated 51% of all the capacities involved in the system. Recall that this combination of circumstances leads to the fact that users get almost unlimited control over the coin. However, the situation is now settled. However, this event shows how old-school algorithms are incompetent and weak in front of trained digital scammers. But first things first.
Who is behind the attack on ABC? What are the requirements of the attackers?
In fact, this attack is not an easy desire to get cryptocurrency and make money. This is an ideological criminal movement aimed at the complete destruction of the coin. Yes, you read that right, the main goal of the attackers is to stop the work of Bitcoin Cash ABC, make this coin unprofitable for users, and thereby erase the project from the global market. These goals were set by representatives of the voluntarism.dev group. This is a group of developers and miners that have actively supported Bitcoin Cash. But due to the fact that representatives of the alternative currency, that is, ABC, decided to separate from the main branch, the hackers began to act.
Having fraudulently loaded the system, they got at their disposal almost all the cryptocurrency that miners have mined recently. That is, in fact, users processed transactions, but received empty blocks, without digital assets. Of course, the value of the asset fell, dropping from $ 22 to $ 17 per asset. The attackers continue the attack, but the developers are more or less in control of the situation. At the moment, currency mining is profitable again, but hackers do not intend to stop.
According to them, they do not show aggression, but protect the interests of Bitcoin Cash, which suffers from competitors such as ABC. Representatives of the group see in the actions of ABC a violation of previously established agreements and attempts to take on too much power. Therefore, according to voluntarism.dev, the attack will not stop and will be resumed, with any retaliatory actions from the project. The action of the hackers was commented on by Vitalik Buterin, who said that the industry was faced with such an ideological and prepared hacking for the first time.
Summary
In the public opinion, Bitcoin Cash ABC has made some very serious enemies for itself. And even if the current situation can be resolved, it is possible that in the future the coin will be attacked with even greater effort. So there is an opinion that the cryptocurrency will gradually leave the market, unable to withstand the pressure of the enemy group. In any case, it is important to stay up to date with the latest developments in the crypto industry. Follow all the news of the world of Blockchain and technology with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!
