23,152 ZEN reportedly stolen in successful ZenCash hack

zencash

Zen is the opposite of how the ZenCash developers, team and users must be feeling right now after news of a 51% attack on the altcoin’s funds has been confirmed.

The privacy-focused coin released a statement on their blog, officially informing the public of the news of the attack and explaining the double attack with details of the funds, the blocks, as well as the hacker’s suspected address.

The team is trying to ease concerns that this happened too easily without someone attempting to stop it and have said that they “immediately executed mitigation procedures to significantly increase the difficulty of future attacks on the network” and continued to details the sequence of events of the attack:

  • “Received warning of potential attack from one of our pool operators
  • Immediately initiated investigation and evaluated hash power distribution
  • In parallel, contacted exchanges to increase confirmation times
  • Investigation showed that the suspect transaction was a double spend
  • In progress: Additional forensics and jointly investigating with the affected exchange”

This makes ZenCash the latest victim of a 51% double attack – which is not a new occurrence for altcoins. We’ve seen Verge (twice), Monacoin and Bitcoin Gold all suffer a similar assault on their blockchain networks.

For now, not-so-ZenCash has suggested to users to store their funds in paper wallets or cold storage. The team has also pomised that everything is being done to investigate the hack and that the team “will continue monitoring the network and conducting forensic analysis with the affected exchange. All information gathered will be provided to the appropriate authorities.”

Whether owing to the attack or not, ZenCash’s has felt a decline and is down 6.60% day-on-day, and presently trades at $25.79 USD.

Related Articles

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

Ethereum Merge proves a more efficient crypto industry

While Ethereum Merge might be cutting down on energy consumption, the chair of the US CFTC argues the industry still needs to be doing more.

The Russian Prime Minister urges crypto regulation

The Russian Prime Minister has instructed the government to regulate the cryptocurrency space by the end of the year.

See All