Ethereum Classic shaken for the second time with 51% attack – BeInCrypto

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

This is the second attack Ethereum has faced this week. Reports show that between July 31 and August 1, more than 807,000 FTEs, worth $ 5.68 million, were stolen. The Blockchain data intelligence company Bitquery said the attacker spent $ 192,000 in Bitcoin to obtain the power of the network to execute the attack.

The Ethereum Classic Team answered asking related services, such as telephone exchanges and mining pools, to increase confirmation times.

The amount stolen has not yet been confirmed, but it is estimated that just under $ 94,000 in rewards per block claimed. Binance ha suspendido all Ethereum Classic withdrawals and deposits as a result of the attack.

The hash rate and difficulty of the Ethereum Classic network they have dropped significantly during this time, with the first down 18.65% and the second down 11.90%.

Ethereum Classic can’t have a break

The first of the recent attacks occurred between July 31 and August 1. Saw the attacker double spending to $ 5.6 million, as well as earn 13,000 ETC in mining rewards. The attacker mined about 4,300 blocks and stopped shortly after the attack. This cost him 17.5 BTC, or $ 192,000.

The incident sparked an open debate about network security, which today’s attack will only fuel even more.

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

Vitalik sugiere que ETC cambie a Proof of Stake

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

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

Ethereum (ETH) is gearing up for a PoS transition with its highly anticipated ETH 2.0 update. 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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Ethereum Classic shaken for the second time with 51% attack – BeInCrypto

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