51% Attack to Vertcoin Demonstrates Vulnerability of Small Blockchain

The attacker rewrote the data of 603 blocks in the blockchain for the double-spending of coins. This showed that even with a large hashrate (694 GH/s) and protection against ASIC mining, the project is not protected from attacks on individual GPU nodes.

Vertcoin developer James Lovejoy confirmed the attack and noted that hackers used the leased capabilities of Nicehash, but they did not succeed in making money on the attack. The problem was detected in time, and the attackers lost about $4000.

The situation with Vertcoin shows that many coins can be in danger now. For example, the Litecoin could be the next, its hash rate dropped by 70%. 5-6 block confirmations are enough to make the LTC network vulnerable.

Earlier we wrote what investigation will be continued: New York supreme court affirmed state attorney's jurisdiction over Bitfinex Exchange. 

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