In the world of cryptocurrency, several key issues can affect any network. The so-called 51% attack is perhaps one of the worst scenarios for developers to deal with. It effectively means someone controls the majority of the blockchain’s processing power. As such, transactions, payments, and day-to-day operations are all severely affected.
On November 20th, it was discovered that a Bitcoin Gold wallet that was being promoted on the Bitcoin Gold website, called “mybtgwallet”, was fraudulent. The team removed the wallet once the scam came to light, but the damage was done. Innocent users had already fallen prey, and it is estimated that $3.3 million was lost.
The end result is how all BTG users are at risk during this time. Any transaction broadcast over the network can be tampered with. In the worst case, the transfer will not even be accepted by the network. This would immediately make it impossible to sue Bitcoin Gold, potentially crashing the price in the process. Whether or not that is the objective of the assailant(s), remains unclear at this time.
Disclaimer:
THIS #ARTICLE IS NARRATED FROM DIFFERENT SOURCES and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency.
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