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Unknown hackers have attempted to launch a second 51% attack on Vertcoin (VTC) but ended up paying for the privilege out of their own pockets.

As Vertcoin’s lead maintainer James Lovejoy revealed in a report on the attack on Dec. 2, a malicious entity targeted cryptocurrency exchange Bittrex in order to manipulate the Vertcoin blockchain.

Hackers paid at least $440 to attack VTC

Vertcoin forked off from Bitcoin (BTC) in 2014 and experienced a major attack in December last year, during which hackers stole funds worth $100,000. 

This time, however, it appears the exploit was much less successful. 

“Based on the market prices during the attack’s preparation and the difficulty of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to perform the attack,” Lovejoy explained. 

As a result, the hackers appear to have come out with a net loss of between 0.06 BTC ($440) and 0.56 BTC ($4,100): 

“The total value of the block rewards the attack received is 13825 VTC (~0.44 BTC). Given the attack was likely not profitable to perform based solely on block rewards, the motivation for the attack is not certain.”

Fighting for scraps

Bittrex is VTC’s main trading venue. After noticing suspicious activity, Lovejoy requested the exchange halt VTC pairs, which appeared to limit the attack’s success. 

“Given the reorg was just deeper than 600 blocks (Bittrex’s confirmation requirement for VTC), it is possible that Bittrex was the original target, but the double-spend portion attack was aborted due to Bittrex disabling their wallet before the fork could be released,” he added.

VTC/USD has fallen around 7% to $0.23 in the past 24 hours, but the move is broadly insignificant within the context of 2019 highs of $0.61 seen in June.

As Cointelegraph reported, Bitcoin remains much more immune to 51% attacks thanks to its provably decentralized structure and unrivaled hash rate.

As well-known pundit Andreas Antonopoulos previously noted, with Bitcoin, such an attack would cost around $1 billion for a 10-minute offensive, something which in itself is all but impossible to achieve.

Cointelegraph By William Suberg , 2019-12-02 12:18:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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