[ad_1]
Privacy-focused cryptocurrency network Grin (GRIN) was the victim of a 51% attack according to a number of reports. An unknown entity allegedly gained control of over 57% of the network’s hashrate on Saturday. According to the Grin website, the team advises people to wait for “extra transaction confirmations for payment purposes”.
On 7 November 2020 a mining pool dedicated to the Grin network (GRIN) informed the cryptocurrency community that the blockchain was under attack. “The Grin Network is underneath [a] 51% attack “, tweeted the mining pool called” 2miners “.” Payments are stopped. Please check out at your own risk only as new blocks may be rejected, “added the pool operator.
According to the official website at grin.mw, the development team has a notice at the bottom of the site that is still active on Monday, November 9th.
“Important notice”, reads the notice on the web portal. “The hashrate of the Grin network has increased dramatically in a short period of time. Notably, this coincides with the doubling of the Nicehash rate over this period with well over 50% of the network hashrate currently outside the known pools. Considering these circumstances, it is advisable to wait for further confirmations on the transactions for the purpose of the payment. “
Grin Network is under attack by 51%!
Payments are stopped. Please check out at your own risk only as new blocks may be rejected.@grincouncil @grin_hub @Hotbit_news @Poloniex @kucoincom @gateio_info @CoinBene pic.twitter.com/6seDSRe8Qw
– 2Miners (@ pool2miners) November 8, 2020
At the time of publication, an unknown miner controls 58.1% of the Grin network hashrate. Statistics also show that at around 6:17 PM (EST) the unknown entity rearranged a single block at 0000ada4. Mining pool 2 miners who tweeted about the incident have about 24.5% of the global Grin hashrate today.
This is followed by Sparkpool, F2pool, Grinmint and other small miners pointing hashes on the net. If a mining entity controls more than 51% of a cryptocurrency network, the attacker can potentially rearrange blocks and invalidate transactions.
Ethereum Classic (ETC) is known to have been attacked at 51% on various occasions, alongside this the Bitcoin Gold (BTG) blockchain has also been at 51% a few times. Much of the blame for all these attacks has been attributed to the Nicehash company, a cloud mining operation that allows users to rent hashrate.
Currently, the grin price is trading for $ 0.233 per coin and there is $ 3.4 million in global trading volume. The price of grin (GRIN) has lost 2.9% in the last 24 trading hours. Most of the decline is due to the entire market downturn, as the 51% threat of attack didn’t really affect the price that much last weekend.
What do you think of the Grin network being attacked at 51% and the unknown miner who controls 58% of the network today? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
[ad_2]Source link
