Uphold financial platform integrated Bitcoin Gold

Uphold platfrom announced that starting from December 21 its members will be among the first to easily access and transact in Bitcoin Gold
22 December 2017   732

Uphold, a US-headquatered financial services platform, which enables users to convert deposits to their accounts via bank accounts and credit cards, has made an announcement on December 22 claiming that Bitcoin Gold cryptocurrency is live on the platfrom and the members are able to buy, hold and convert BTG within their wallets.

Uphold Members are able to:

  • Buy BTG instantly within their Uphold Wallet
  • Convert BTG from any of the 33 supported currencies in their Uphold Wallet
  • Hodl BTG
  • Send BTG from external wallet into Uphold
  • Send BTG to anyone with an email or Uphold account for free

Pricing and Fees:

  • 100% free to send and receive within Uphold
  • 1.95% fee is applied to all exchanges
  • BTG’s price index is determined in real-time directly from external exchanges, which are separate to and independent of Uphold

Uphold financial platfrom already supports such cryptocurrencies as Bitcoin, Litecoin, Ethereum, Basic Attention Token (BAT), Bitcoin Cash and Dash.

At the moment of press, these are main market parameters of Bitcoin Gold:

  • Average price: $291,30
  • Marketcap: $4 870 703 231
  • 24h volume: $326 157 000

Bitcoin Gold hit by Malicious Miner`s Double Spend Attack

An evil-minded miner efficiently made a double spend attack on the Bitcoin Gold network, making BTG at least the third altcoin to succumb to a network attack
23 May 2018   240

Edward Iskra, Bitcoin Gold director of communications first admonished clients about the attack on May 18, reporting that an evil-minded miner was using the exploit to steal means from cryptocurrency exchanges.The miner bought at least 51 percent of the network’s total hashpower, which provided them with temporary control of the blockchain. Gaining this much hashpower is extremely expensive — even on a smaller network like bitcoin gold — but it may be monetized in tandem with a double spend attack.

The attacker, after getting the control of the network, started depositing BTG at crypto  exchanges while also intending to send those same coins to a wallet under their control. Generally, the blockchain would resolve this by including only the first transaction in the block, but the attacker managed to reverse transactions as they had majority control of the network.

As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction. This way they could send the coins they had primarily deposited to another wallet. 

An address of bitcoin gold connected with the attack has got more than 388,200 BTG since May 16 (basically from transactions it sent to itself). All of those transactions were associated with the double spend exploit, the attacker could have stolen as much as $18.6 million worth of funds from exchanges. The last transaction was sent on May 18, but the attacker could resume it if they still have access to enough hashpower to reach the control of the blockchain.

Bitcoin gold’s developers recommended exchanges to resist the attack by reaching the number of confirmations acquired before they lended deposits to client accounts. Blockchain data displays that the attacker reversed transactions as far back as 22 blocks, allowing developers to advise raising confirmation requirements to 50 blocks.