BTC $48463.35 (2.18%)
ETH $3481.36 (1.39%)
USDT $0.99 (-0.0%)
BCH $630.29 (0.68%)
BSV $173.59 (7.34%)
LTC $182.00 (0.71%)
BNB $415.55 (1.29%)
ADA $2.39 (1.43%)
DOGE $0.24 (0.41%)
BTC $48463.35 (2.18%)
ETH $3481.36 (1.39%)
USDT $0.99 (-0.0%)
BCH $630.29 (0.68%)
BSV $173.59 (7.34%)
LTC $182.00 (0.71%)
BNB $415.55 (1.29%)
ADA $2.39 (1.43%)
DOGE $0.24 (0.41%)

Ethereum Classic (ETC) Suffers 3rd 51% Assault in a Month

Ethereum Classic (ETC) Suffers 3rd 51% Assault in a Month

The Ethereum Classic (ETC) Blockchain has suffered a third 51% attack this month, as reported by mining firm Bitfly, which noticed the first attack on August 1.

The third assault reorganized over 7,000 blocks, which is equivalent to two days of mining. The first two assaults occurred at blocks 3,693 and 4,000, respectively.

A chain reorganization takes place when a party gets more hashing power than other network miners. The opponent can then rewrite the chain’s history and “double-spend” the blockchain’s native currency, notably ETC.

ETC Labs, a leading institution behind the Ethereum Classic network, recently reported a network security plan to protect from additional attacks, including defensive mining to balance the reducing hashrate of the network and withstand future 51% attacks.

ETC Labs Technology Coordinator Stevan Lohja said that the attacker “had a tantrum” after their developers’ meeting. He described the attacker as a “malicious neighboring community whale.”

ETC Cooperative, a huge platform supporting the rise of the network’s growth, shared on the third attack that they are aware of the assaults and that they are working to give the appropriate solutions as soon as possible.

Following the first two attacks, OKEx exchange responded that it would delist ETC due to lack of network security. Coinbase has also taken necessary steps by increasing ETC’s deposit and withdrawal confirmation times for about two weeks.

ETC also experienced a similar attack last year. Likewise, other blockchains like Bitcoin Gold (BTG) suffered similar malicious attacks, causing it to lose more than $18 million.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.