A Bitcoin (available on Coinbase) Gold (BTG) double spend attack was successfully accomplished last week, and there’s concern that the attack may not be over yet. Are these concerns valid? Here’s what’s happening.

The Bitcoin (available on Coinbase) Gold (BTG) Double Spend Attack

A malicious miner was able to take temporary control over the Bitcoin (available on Coinbase) Gold network by scooping up 51% of the total hashpower.

Once they had control of the network, the miner started depositing Bitcoin (available on Coinbase) Gold (BTG) into crypto exchanges and then immediately sending those deposits to a wallet they owned. Because the miner held the majority of the Bitcoin (available on Coinbase) Gold network, they were able to reverse the transactions, where normally these actions would have been blocked by the blockchain, and get the coins into their own wallet from the exchanges.