Coinbase Research Report on Bitcoin Cash Miners 51% Attack

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

Recently on the blockchain of Bitcoin Cash two miners had performed the 51% attack on the blockchain of BCH and it happened under everyone’s noses. This type of attack is supposed to be harmful to any blockchain’s activity.

Coinbase has conducted a research investigation about the issue. The researchers have published their report on their investigation and their examined result of the research might make some of the Bitcoinist unhappy.

When the miners executed the 51% attack on the Bitcoin Cash blockchain’s it was under a scheduled hard fork in the mid of the May. The miners who attacked were executing the attack to give back misused assets to their real owners. The bitcoin supporter was furious with the actions of the Bitcoin Cash team, but to their surprise or disappointment, Coinbase posted a blog on Friday stating that they saw it was a right decision by the Bitcoin Cash.

In May an attacker found a bug in the Bitcoin Cash blockchain and because of that the Bitcoin Cash upgrade was under temporary pause, but now it is upgraded. The chaos because of this was in the news for some time, but then most of the Bitcoin Cash miner sensed that something was wrong and took measure to call it.

This thing arose all the chaos and controversy. The critics denied the see the dissimilarity between the attackers attempting to reorganize the blockchain of BCH and identical was done by the miners. In early May when the Binance was hacked and then the CEO of the company advised to solve the problem by giving back the funds by rolling back the blockchain. He also had to face the anger of the bitcoin miners and he dropped the idea.

The blockchains are supposed to be immovable; to change this view the cryptocurrency needed the support of more than enough miners. The blockchain is modeled in this way that it can only be supple by the agreement of its users or consumers.

This has happened because and we have Ethereum Classic as a result of this, under the pressure of hardfork in the move against the DAO attack, the Ethereum crypto community got divided into two currencies.

As the research conducted by the Coinbase, they concluded that the Bitcoin Cash’s miners action were right. In the blog, they wrote,

“On May 15th, Coinbase detected a depth-2 chain reorganization on the Bitcoin Cash blockchain. The reorg targeted BCH funds that were erroneously sent to BTC segwit addresses…”

The total value of the assets was 3,655 BCH and it is equal to $1.4 million at that time. Enough amounts of the funds were safely returned back to their owners by the 2 miners and this is the reason that the Coinbase is impressed with this. The blog further stated,

“We find it remarkable that BTC.top derived the technical solution to recover BCH funds mistakenly lost by users, choosing to send the coins to their intended recipients rather than claiming the funds for themselves.”

Coinbase has praised the action of the 2 miners who have less ethical tried to return the stolen asset to their own address that BTC.top came in. BTC.top is one of the prominent Bitcoin Cash mining pools, that holds about 10% of the Bitcoin Cash hashrate.

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