Have There Been Any Successful 51% Attacks on Smaller Cryptocurrencies?
Yes, there have been several successful 51% attacks on smaller cryptocurrencies. Some notable examples include Ethereum Classic, Verge, and Bitcoin Gold.
In these attacks, the attackers were able to control the majority of the network's hash rate and double-spend their coins. These attacks resulted in significant financial losses for the affected exchanges and users.
They also highlighted the security risks associated with smaller cryptocurrencies.
Glossar
Security Risks
Vulnerability ⎊ Security risks in cryptocurrency and derivatives markets refer to potential weaknesses in smart contracts, network protocols, or external infrastructure that can be exploited by malicious actors.
Financial Losses
Risk ⎊ Financial losses represent a reduction in the value of assets or capital resulting from adverse market movements, operational failures, or counterparty defaults.