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Ethereum Classic Rocked by Second 51% Attack This Week – BeInCrypto

10 August 2020
in Altcoin
Reading Time: 2 mins read
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Ethereum Classic has experienced yet another malicious 51% attack—the second in under a week. Binance has frozen all Ethereum Classic deposits and withdrawals.

Reports have shown that a 51% attack on the Ethereum Classic blockchain reorganized 4,000 blocks on the chain. The attack was reported at around 3:30 AM UTC by Ethermine’s parent company Bitfly.

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This is the second attack that Ethereum has faced this week. Reports show that between Jul 31 and Aug 1, over 807,000 ETC, worth $5.68 million, was stolen. Blockchain data intelligence firm Bitquery said that the attacker spent $192,000 worth of Bitcoin to obtain the network hashing power to execute the attack.

[crypto-donation-box]

The Ethereum Classic team responded by asking related services like exchanges and mining pools to raise confirmation times.

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The amount of stolen has yet to be confirmed, but it’s estimated that just under $94,000 in block rewards had been claimed. Binance has suspended all Ethereum Classic withdrawals and deposits as a result of the attack.

Ethereum Classic’s network hash rate and difficulty have dropped significantly in this time, with the former down by 18.65% and the latter down by 11.90%.

Ethereum Classic Can’t Catch a Break

The first of the recent attacks occurred between Jul 31 and Aug 1. It saw the attacker double-spend $5.6 million, as well as earn 13,000 ETC in mining rewards. The attacker mined nearly 4,300 blocks and stopped soon after the attack. This cost him or her 17.5 BTC, or $192,000.

The incident sparked a conversation about the security of the network, which today’s attack will only fuel further.

BitQuery said that the attack was sophisticated, and required a deep understanding of the Ethereum Classic architecture. The attack went unnoticed for several days before it was fully uncovered.

Vitalik Weighs In

Vitalik Buterin suggested that ETC switch to Proof-of-Stake (PoS), saying that it is of lower risk than Proof-of-Work (PoW):

In June 2019, ETC had undergone a hard fork to reduce block mining times. Reportedly, this was done to give network participants more time to choose a long-term consensus algorithm.

Ethereum (ETH) is preparing itself for a PoS transition with its highly-anticipated ETH 2.0 upgrade. The next generation of Ethereum aims to bring greater scalability and a PoS protocol to facilitate large-scale use of the network.

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Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!





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