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Privacy Coin GRIN Is Victim of 51% Attack
A 51% attack occurs when a miner (or miners) acquires more than 50% of the network's mining hash power and takes control of the network.
Updated Sep 14, 2021, 10:28 a.m. Published Nov 8, 2020, 6:24 p.m.
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Privacy-centric blockchain network Grin (GRIN) is undergoing a 51% attack, an event in which a miner (or miners) acquires more than 50% of the network's mining hash power and takes control, according to a notice at the bottom of the Grin protocol's website.
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- According to 2miners.com, which is responsible for 19.1% of the current hash power on Grin, the unknown miner(s) grabbed control of 57.4% of the network's hash power.
- While the attack is underway, the protocol is warning users to wait for extra confirmations on transactions for payment finality.
- Grin, which was the first cryptocurrency to test privacy protocol MimbleWimble and drew an estimated $100 million in venture capital to mine it, was once called “Bitcoin 2.0.”
- GRIN coins were down 2.23% to $0.235 at press time.
See also: Ethereum Classic’s Terrible, Horrible, No Good, Very Bad Week
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