The Vertcoin (VTC) blockchain was 51% attacked on Sunday, December 1, which saw 603 VTC blocks replaced by 553 blocks from the attacker. This is the second time the ASIC resistant Vertcoin chain was ambushed, as the network suffered a 300-block reorg a year ago.
Also read: Cryptocurrency Projects Aiming to be ‘ASIC Resistant’ Have Little Success
Vertcoin 51% Attacked Again
Vertcoin, a fork of the Bitcoin protocol, is an alternative cryptocurrency that’s been around since January 2014. The community and developers behind the project believe VTC is different because it claims to be ASIC resistant. However, throughout October and December 2018, the Vertcoin network dealt with a series of 51% attacks and a number of blockchain reorganizations (reorg).
A 51% attack is when a single entity (miner) takes more than 50% of the network’s hashpower, allowing them to reorg blocks and double spend coins. The 300-block reorg on Vertcoin last year cost more than $100,000 from…