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Ethereum Classic (ETC) Has Another 51 Percent Attack

Ethereum Classic (ETC) Has Another 51 Percent Attack

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Ethereum Classic (ETC) Has Another 51 Percent Attack

Things continue to deteriorate for Ethereum Classic (ETC). Ethereum Classic (ETC), an Ethereum hard fork created as a result of a 2016 hard fork, suffered the third 51% attack in just one month. This came just after ETC Labs stepped up efforts to protect the blockchain by announcing a multi-stage plan aimed at preventing future attacks.

Three Attacks in One Month

A 51 percent attack occurs when a malicious actor gains enough hashing power to gain control over a blockchain. According to a tweet published by blockchain tech firm Bitfly, 7,000 blocks were remade in the Ethereum Classic blockchain on August 29.

Prior to this, two more reconstructions took place on 1 August and 6 August. In the first incident, the hacker behind the attack managed to escape with 807,260 ETC ($ 5.6 million) by investing only $ 192,000 in the hash power provided by Nicehash.

ETC
Ethereum Classic

Blockchain detective Bitquery learned that the double-spent crypto was sent to the OKEx exchange:

“We can imagine that this address belongs to the OKEx exchange or its affiliates. The same address on the Ethereum Mainnet has a lot of activity regarding OKEx wallets. “

Despite a series of attacks, CoinMarketCap data shows that ETC has only dropped 1.14 percent in the past 24 hours, meaning traders have already erased the latest black swan incident.

Securing the Blockchain

Last week, ETC Labs introduced a security plan to protect the blockchain from further restructuring. “Defense mining” included advanced network monitoring and collaboration with exchanges. The developers have also found long-term solutions such as replacing the cryptocurrency’s proof-of-work mining algorithm with a hard fork and creating a treasure system.

In early August, Vitalik Buterin, founder of Ethereum, suggested that ETC should follow its big brother by switching to the Proof of Stake algorithm:

“ETC should switch to Proof of Stake. Even given the culture of risk aversion, jumping at this point seems less risky than failing. ”

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