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Detail Analysis

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Date:

Status:

Count:

May 18, 2018

Verified

4

Contributor:

zerofriction.io

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KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

18,000,000

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Recovered Amount:

-

Currency:

Dollars, BTG

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Bitcoin Gold

Network

Chain

51% Attack

Extended Method:

51% attack

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In May 2018, the Bitcoin Gold (BTG) blockchain was 51% attacked for the first time suffering a loss of more than $18 million. BTG is a fork of the Bitcoin protocol but it doesn’t use the SHA256 consensus algorithm like BTC, BCH, or BSV. The blockchain BTG utilizes a variant of the Equihash algorithm (Equihash 144, 5 or “Zhash”) which can be mined with a GPU. Numerous exchanges including Binance, Bitinka, Bitfinex, Bittrex, Bithumb, and Hitbtc lost funds and the hack resulted in a total loss of around 388,000 BTC or $18M USD at the time of the hack. Bittrex lost approximately 12,372 BTG and asked the BTG development team to compensate the firm for the losses, according to the BTG organization.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.