A bug was reportedly exploited on Bitcoin Cash during a scheduled hardfork upgrade of the protocol.
For an hour and a half transactions went unprocessed, causing fees to skyrocket.
A source familiar with the project says the exploit "Looks like a timed attack," while other rumors are circulating that the "Attacker" placed a 180,000 BCH short on Bitfinex and used the exploit to influence the price.
At 14:49 UTC, a bug was exploited on one version of the Bitcoin Cash client amidst the protocol's semi-annual hardfork upgrade, according to BitMEX Research.
Multiple sources suggest the bug was orchestrated by an attacker.
The bug reportedly caused empty blocks to be included on the Bitcoin Cash blockchain, causing fees to skyrocket as users upped their paid fees in an attempt to include their transactions.
At its peak, some transaction fees were over 250 times the median; the network was crippled for an hour and a half.
There are rumors that the attacker(s) behind the exploit "Borrowed 180,000 BCH to try and short" the coin on Bitfinex.
An unverified source suggested the exploit was meant to push the price downward in an attempt to profit.
At 16:26 UTC normal operation of the network resumed and pending transactions were successfully processed by miners.
Bitcoin Cash exploit cripples network during scheduled hardfork upgrade
gepubliceerd op May 15, 2019
by Cryptoslate | gepubliceerd op Coinage
Cryptocurrency exchanges see massive increase in monthly trading volume, bull market solidifying
CryptoCompare, a leading provider of cryptocurrency data and indices, found that the top 15 exchanges all experienced an increase in monthly volume.
Worldwide crypto acceptance is within reach thanks to Coinbase Commerce's USDC stablecoin integration
Crypto as a method of payment has just gotten easier.
Zimbabwe Stock Exchange Eyes Blockchain-Based Products, Needs Regulatory Clarity
"Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good."
UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year
The primary financial regulator of the United Kingdom, the Financial Conduct Authority, reports that crypto investors in the country lost over $34 million due to cryptocurrency and forex scams from 2018-2019 the Financial Times reports on May 20.According to the data, which the FCA gathered from the U.K. national fraud and cybercrime reporting center, Action Fraud, individual loss due to scams decreased from $76,000 to $18,500 while total losses fell by $14 million.