The privacy-centric cryptocurrency network Grin (GRIN) has been the victim of a 51% attack according to a number of reports. Allegedly an unknown entity gained control of over 57% of the network hashrate on Saturday. According to the Grin website, the team is recommending people wait for â€œextra confirmations on transactions for payment finality.â€
On November 7, 2020, a mining pool dedicated to the Grin (GRIN) network informed the cryptocurrency community that the blockchain was under attack. â€œGrin network is under [a] 51% attack,â€ the mining pool called â€œ2minersâ€ tweeted. â€œPayouts are stopped. Please mine at your own risk only because the new blocks could be rejected,â€ the pool operator added.
According to the official website at grin.mw, the development team has a warning at the bottom of the site that is still up on Monday, November 9.
â€œImportant notice,â€ the web portalâ€™s warning reads. â€œThe Grin network hashrate has increased considerably over a short period of time. Notably, this coincides with the Nicehash rate doubling in this time with well over 50% of the network hashrate currently outside of known pools. Considering these circumstances it is wise to wait for extra confirmations on transactions for payment finality.â€
At the time of publication, an unknown miner controls 58.1% of the Grin networkâ€™s hashrate. Statistics also show that at approximately 6:17 p.m. (EST) the unknown entity reorganized a single block at height 0000ada4. The mining pool 2miners who tweeted about the incident have around 24.5% of the global Grin hashrate today.
This is followed by Sparkpool, F2pool, Grinmint, and other small miners pointing hash at the network. If a mining entity controls more than 51% of a cryptocurrency network, the attacker can potentially reorganize blocks and invalidate transactions.
Ethereum Classic (ETC) has been notorious for getting 51% attacked on various occasions, alongside this the blockchain Bitcoin Gold (BTG) has also been 51% a few times. Much of the blame on all of these attacks have been cast at the Nicehash firm, a cloud mining operation that allows users to rent hashrate.
Currently, the price of grin is trading for $0.233 per coin, and thereâ€™s $3.4 million in global trade volume. The price of grin (GRIN) has lost 2.9% during the last 24 hours of trading. Most of the slide is due to the entire market downturn, as the 51% attack threat hasnâ€™t really affected the price much at all this past weekend.
What do you think about the Grin network getting 51% attacked and the unknown miner that controls 58% of the network today? Let us know what you think in the comments section below.