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Privacy Coin GRIN Is Victim of 51% Attack

A 51% attack occurs when a miner (or miners) acquires more than 50% of the network's mining hash power and takes control of the network.

Updated Sep 14, 2021, 10:28 a.m. Published Nov 8, 2020, 6:24 p.m.

Privacy-centric blockchain network Grin (GRIN) is undergoing a 51% attack, an event in which a miner (or miners) acquires more than 50% of the network's mining hash power and takes control, according to a notice at the bottom of the Grin protocol's website.

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According to 2miners.com, which is responsible for 19.1% of the current hash power on Grin, the unknown miner(s) grabbed control of 57.4% of the network's hash power.
While the attack is underway, the protocol is warning users to wait for extra confirmations on transactions for payment finality.
Grin, which was the first cryptocurrency to test privacy protocol MimbleWimble and drew an estimated $100 million in venture capital to mine it, was once called “Bitcoin 2.0.”
GRIN coins were down 2.23% to $0.235 at press time.

51% Attacks Grin

Kevin Reynolds

Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.