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.
Today another large 51% attack occurred on the #ETC network which caused a reorganization of over 7000 blocks which corresponds to approximately 2 days of mining. All lost blocks will be removed from the immature balance and we will check all payouts for dropped txs.
— Bitfly (@etherchain_org) August 29, 2020
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.”
#EthereumClassic 51% attacked after our core dev meeting? Looks like this malicious neighboring community whale had a tantrum after our meeting#Ethereum #Blockchain #cryptocurrency https://t.co/pZN2qUXYtx
— Stevan Lohja (@stevanlohja) August 29, 2020
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.
We are aware of today’s attack and are working with others to test and evaluate proposed solutions as quickly as possible.
As ETC makes progress in areas, it still makes up just ~3% of ETH’s hash rate. We kindly ask that miners, exchanges, and others raise confirmations to >12K. https://t.co/Iq6nfFxGra
— ETC Cooperative (@ETCCooperative) August 29, 2020
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.
Given the recent network attacks on Ethereum Classic, we have increased the confirmation time for ETC sent to Coinbase & Coinbase Pro to ~2 weeks. We are actively monitoring the situation and will provide updates as they become available.
— Coinbase Support (@CoinbaseSupport) August 8, 2020