Binance/Bitcoin Gold Double Spend Hack - Revision history

Azoundria at 22:24, 12 March 2025

2025-03-12T22:24:07Z

← Older revision		Revision as of 16:24, 12 March 2025
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	{{Unattributed Sources}}		{{Unattributed Sources}}

	[[File:~~Pbs~~.~~twimg.com/media/ERnnmGDXsAAoSnu?format=~~jpg~~&name=medium~~\|thumb\|Binance]]51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.		[[File:Binancebitcoingold.jpg\|thumb\|Binance Bitcoin Gold]]51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.

	This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.<ref name="binance-75" />		This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.<ref name="binance-75" />

Azoundria at 19:28, 1 May 2023

2023-05-01T19:28:51Z

← Older revision		Revision as of 13:28, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Pbs.twimg.com/media/ERnnmGDXsAAoSnu?format=jpg&name=medium\|thumb\|Binance]]51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.		[[File:Pbs.twimg.com/media/ERnnmGDXsAAoSnu?format=jpg&name=medium\|thumb\|Binance]]51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.

	This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.		This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.<ref name="binance-75" />
	<ref name="binance-75" />

	== About Binance ==		== About Binance ==
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	!Description		!Description
	\|-		\|-
	\|January 1st, 2020 12:01:34 AM		\|January 1st, 2020 12:01:34 AM MST
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Exchanges need to plan for a continency of the full hot wallet going missing. 51% attacks generally play out quickly and can be fully mitigated by delays on larger withdrawals. This is a trade-off for the exchange, but it shouldn't be one that customers have to worry about.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	Exchanges need to plan for a continency of the full hot wallet going missing. 51% attacks generally play out quickly and can be fully mitigated by delays on larger withdrawals. This is a trade-off for the exchange, but it shouldn't be one that customers have to worry about.

	== References ==		== References ==
	<references><ref name="binance-75">[https://www.binance.vision/glossary/secure-asset-fund-for-users Secure Asset Fund for Users (SAFU) - Definition \| Binance Academy] (Feb 12, 2020)</ref></references>		<references><ref name="binance-75">[https://www.binance.vision/glossary/secure-asset-fund-for-users Secure Asset Fund for Users (SAFU) - Definition \| Binance Academy] (Feb 13, 2020)</ref></references>

Azoundria at 17:13, 17 February 2023

2023-02-17T17:13:08Z

← Older revision		Revision as of 11:13, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}}
			{{Unattributed Citations}}

	51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.		[[File:Pbs.twimg.com/media/ERnnmGDXsAAoSnu?format=jpg&name=medium\|thumb\|Binance]]51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.

	This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.		This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.
			<ref name="binance-75" />

	== About Binance ==		== About Binance ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|January 1st, 2020 12:01:34 AM		\|January 1st, 2020 12:01:34 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $72,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://www.binance.vision/glossary/secure-asset-fund-for-users Secure Asset Fund for Users (SAFU) - Definition \| Binance Academy] (Feb 12)		<references><ref name="binance-75">[https://www.binance.vision/glossary/secure-asset-fund-for-users Secure Asset Fund for Users (SAFU) - Definition \| Binance Academy] (Feb 12, 2020)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}} 51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage. This exchan..."

2023-01-25T17:09:25Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}} 51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage. This exchan..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancebitcoingolddoublespendhack.php}}

51% attacks are one attack that exchanges can hardly avoid - the only way is to have a slower withdrawal or insure against the losses. By adjusting their escrow period from 12 blocks to 20 blocks, Binance has increased the expense to repeat the attack from $1,200 to ~$2,000. Still, they are lucky at the minimal scale of the attack at this stage.

This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.

== About Binance ==
“Malicious cryptocurrency miners took control of Bitcoin Gold‘s blockchain recently to double-spend $72,000 worth of BTG. Bad actors assumed a majority of the network‘s processing power (hash rate) to re-organize the blockchain twice between Thursday and Friday last week: the first netted attackers 1,900 BTG ($19,000), and the second roughly 5,267 BTG ($53,000).” “Cryptocurrency developer James Lovejoy estimates the miners spent just $1,200 to perform each of the attacks, based on prices from hash rate marketplace NiceHash.”

This exchange or platform is based in Malta, or the incident targeted people primarily in Malta.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Binance/Bitcoin Gold Double Spend Hack
!Date
!Event
!Description
|-
|January 1st, 2020 12:01:34 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Exchanges need to plan for a continency of the full hot wallet going missing. 51% attacks generally play out quickly and can be fully mitigated by delays on larger withdrawals. This is a trade-off for the exchange, but it shouldn't be one that customers have to worry about.

== References ==
[https://www.binance.vision/glossary/secure-asset-fund-for-users Secure Asset Fund for Users (SAFU) - Definition | Binance Academy] (Feb 12)