What Is the Typical Target for an Attacker Attempting a Double-Spend?

The typical target for a double-spend attacker is a cryptocurrency exchange or a service that immediately provides irreversible value in return for the cryptocurrency. Exchanges are prime targets because they allow the attacker to quickly trade the deposited cryptocurrency for another, more liquid asset like fiat currency or a stablecoin.

Once the attacker withdraws the liquid asset, they execute the 51% attack to reverse the initial deposit transaction, effectively getting the liquid asset for free.