Another 51% attack on Ethereum Classic

For the third time this month, the Ethereum Classic came under a 51% attack

Share

On August 29, another 51% attack was carried out on the Ethereum Classic (ETC) network. This attacked resulted in the reorganization of the over 7000 blocks and interestingly, this happened after some security upgrades were proposed.

Ethereum classic has confirmed this attack on its twitter and has pledged that they are working on some probable solutions to this problem. You can see the tweet as follows;

“While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels. To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now.”

This attack was carried out after certain changes to the network had been proposed by the developers aiming at keeping further attacks at bay. The immediate measures would be maintaining consistent and even increased hashrates through defensive mining cooperation with mining pools, whitelisting addresses, advanced network monitoring, and a finality arbitration system to prevent the chain from being reorganized.

In another tweet, ETC announced that for the time being, it is at 3% hashrate of the overall network and stated that while they are testing these changes, knowing that several attacks may be carried out while they are doing so. As they happened twice prior to this one. OKEx among other exchanges warned that if these security attacks are not dealt with and not warded off, ETC my face getting delisted.

Categories

Crypto Currency(5)

News

An office for Federal use of blockchain tech coordination

Rep. Soto is after establishing an office to monitor all the blockchain-concerned activities within the Federal government that are unrelated to defense. ...

JAN 03, 2021

Rising dramatically in price, Bitcoin touched $31K and $100 million of shorts we liquidated

A large number of short risky positions were liquidated when Bitcoin rose to $30,950 ...

JAN 02, 2021

Arrested under a 25 million rupee Indian crypto scam allegation at the Delhi airport.

The fraud seem to have lured people into investing in a 2017 scheme with a 20% monthly profit. ...

JAN 02, 2021

To raise its $117M IPO, INX is using the token listings on the exchanges around the world

Having raised up to $10M out of the total $117M so far, INX hopes to will have raised it by the end of the year. ...

DEC 30, 2020

Tags