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Are there any real-world examples of successful or attempted 51% attacks on cryptocurrencies?

avatarEnosent ThembaDec 26, 2021 · 3 years ago1 answers

Can you provide some real-world examples of successful or attempted 51% attacks on cryptocurrencies? I'm interested in knowing if there have been any instances where a single entity or group has gained control over the majority of the mining power in a cryptocurrency network and used it to manipulate transactions or double-spend coins.

Are there any real-world examples of successful or attempted 51% attacks on cryptocurrencies?

1 answers

  • avatarDec 26, 2021 · 3 years ago
    Yes, there have been real-world examples of successful or attempted 51% attacks on cryptocurrencies. One such example is the attack on the Bitcoin Cash (BCH) network in May 2019. The attacker gained majority control over the network's mining power and was able to reverse transactions and double-spend coins. This incident raised concerns about the security of the Bitcoin Cash network and led to discussions about the need for stronger security measures. It is important for cryptocurrency networks to constantly evolve and adapt to mitigate the risk of 51% attacks.