Grim 51% Attack Hits The GRIN Network
cryptolove last edited by
A tweet from a crypto mining group published earlier this week on the 7th of November has indicated that the privacy-focused cryptocurrency known as Grin has just endured a 51% attack on its blockchain.
Built on the Mimblewimble protocol, the mining group revealed that an unknown attacker had accumulated 57.4% of the overall hash power of the Grin network over the last weekend.
Data is indicating that the attackers were able to recognise at least one forked block. Furthermore, the unknown mining organisation has also increased its control since last weekend and controls almost 60% of the hash rate for GRIN.
Following the news, the token for the network is relatively unchanged and has fallen just over 1% at the time of writing.
When a group of miners control more than 50% of a network's mining power, it can have a big impact on the organisation of blocks. As a result of this, it can potentially cause volatility in the token price and disrupt confidence in the overall network.
That being said, it doesn’t necessarily mean any malicious activity has been intended from the unknown mining group as no interruption of the production of GRIN blocks has been reported at the time of writing.