Ethereum Classic Hit 51% For The Second Time In A Week

Ethereum Classic Hit 51% For The Second Time In A Week
CONTENT

  • ETC network comes under 51% attack for the second time in the past five days

  • The size of the awards for the blocks added by the hacker was a little less than 94 thousand dollars

  • The incident sparked speculation about network security

International consortium of news organizations developing transparency standards.

Ethereum Classic Hit 51% For The Second Time In A Week

Ethereum Classic fell victim to another 51% attack, already the second in less than a week. Amid these events, Binance froze all transactions with Ethereum Classic, including deposits and withdrawals..

It is reported that as a result of a 51% attack on the Ethereum Classic blockchain, 4 thousand blocks were reorganized. Bitfly, the parent company of Ethermine, was the first to report what happened..

This is the second attack on Ethereum since the beginning of the week. On the night of July 31 to August 1, attackers stole over 807,000 ETC worth $ 5.68 million. According to analyst firm Bitquery, hackers spent $ 192,000 to buy network hashing power to carry out the attack..

In response, the Ethereum Classic team turned to exchanges and mining pools with a request to increase the number of transaction confirmations..

Ethereum Classic Hit 51% For The Second Time In A Week

The exact number of stolen coins is still unknown, but according to some estimates, the size of the rewards for the blocks added by the hacker was a little less than 94 thousand dollars. Binance Suspends Ethereum Classic Withdrawals And Deposits Following Attack.

The difficulty of mining and the hashrate of the Ethereum Classic network fell noticeably due to the attack – the decrease was 11.90% and 18.65%, respectively.

By the way, a little less than a month ago, attackers tried to carry out a 51% attack on Bitcoin Gold, but the network developers managed to prevent it..

Ethereum Classic has a black streak

The previous attack took place on the night of July 31 to August 1. The double spend was $ 5.6 million, and the attacker stole 13,000 ETC, mining 4,300 blocks. This attack cost 17.5 bitcoins or 192 thousand dollars.

The incident sparked speculation about network security, which will only intensify after the second attack in five days..

Ethereum Classic Hit 51% For The Second Time In A Week

Meanwhile, the co-founder of the Ethereum project Vitalik Buterin recommended transferring the Ethereum Classic blockchain to a Proof-of-Stake (PoS) mechanism, which, in his opinion, carries lower risks compared to Proof-of-Work (PoW).

Recall that in June last year, a hard fork of the ETC network took place in order to give network participants more time to choose a long-term consensus algorithm..

The Ethereum (ETH) network itself is gearing up to move to PoS with a widely anticipated upgrade. Next Generation Ethereum Should Increase Scalability And PoS Will Ease Large-Scale Network Use.

 

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