Cryptocurrency Networks at Risk: Understanding the Dangers of 51% Attacks

A 51% attack in cryptocurrency occurs when an attacker gains control of more than half of a blockchain network's mining power, allowing them to manipulate transactions and rewrite recent history.

This can happen through various means, including controlling the majority of the network's hashing power or creating a private chain that eventually overtakes the public one.

The most common impact of a 51% attack is double spending, where the attacker pays on the public chain, then reverses those transactions with a reorg and spends the same coins again.