Another 51% attack on Ethereum Classic

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

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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.

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