The latest trend in crypto is not one to be happy about. Litecoin Cash (LCC) can now be added to the list of smaller coins that are experiencing 51% attacks.
Several days ago, Litecoin Cash was hit with a 51% attack. When a cryptocurrency is taken over by a 51% attack, it means that the majority of the blockchain has come under the control of one entity with the intentions of stealing cryptocurrency. 51% attacks use a large amount of computing power to do so, making it an incredibly expensive, but effective, way to steal coins.
In an attack, hackers can stop new transactions and payments from happening, which lets them double spend coins, meaning that they can withdraw them and even convert them to other tokens. It was once thought that 51% attacks would be too expensive to be carried out, but given the spree of them happening lately, it’s obvious that people are finding a way regardless of the cost.
The Litecoin Cash team acted fast on news of the attack and contacted exchanges immediately, increasing the block confirmation level to 100 to make it more difficult for one to control. The team may now be looking into conducting a hard fork, or some other method of limiting any major hashrate spikes to help prevent further attacks.
The Litecoin Cash attack follows a string of other 51% attacks, which have included Bitcoin Gold (BTG), ZenCash (ZEN), and Verge (XVG).
Litecoin Cash (LCC) Price
Despite not much damage being done to Litecoin Cash (LCC), the coin continues to trend down today. LCC is currently selling for $0.053910, which puts the coin down 4.19% in the past 24 hours.
In the past seven days, Litecoin Cash (LCC) has lost 24%.
Litecoin Cash is currently ranked as the 271st coin, with a market cap of $30.9 million.
Featured image: Javier-Rodriguez via Pixabay