Ethereum Cash ETC Blockchain gets 3 Malicious attacks in One Month

By George Owota | Crypto George | 31 Aug 2020

Ethereum Cash ETC is an altcoins standing at the 30th position in the coin market, trading at a price value of $6.65, with a market capitalization of $773,027,856 and a 24hr volume of $561,306,014 at publication time. In August 2020, ETC has experience 3 different attacks from reorganizing blocks in its blockchain, also ETC blockchain is designed to give 51% control to its miners.

First Attack
In the early hours of August 1st when ETC blockchain was attacked as 3,693 extra blocks were added as 2Miner (the largest provider of ETC overall hash power) was offline for maintenance. The blockchain was unable to handle the additional 3693 blocks and its malicious attacks. After the 1st attack, the Hashing power on Ethereum Classic decreased considerably dropping nearly 20% from 1.6 TH/s to 1.3 TH/s as at Monday, August 3.

Second Attack
A near identical double-spend attack on the Ethereum Classic blockchain saw almost $1.7 million stolen from exchanges, which was as a result of the reorganizing 4,000 blocks by the attacker. On the 6th of August, Blockchain intelligence firm, Bitquery reported how 238,306ETC worth $1.68million was converted and double-spend through Bitfinex attack and into other digital assets.

Third Attack:
On the 29th of August, Bitfly (an Austria's Cryptocurrency mining company) reported another attack on ETC blockchain, making this the third attack in a month. This time, about 7,000 blocks were reorganized in an attack that lasted for approximately 2-days, but surprisingly, the Cryptocurrency looks comfortable and unaffected after the series of attacks as it trades at a price value of $6.86 as at the time of publication which is a 4% decrease in its price during the second attack. But the coin has traded around $6 to $8 throughout the month of August.

With the security challenges facing the ETC blockchain, Okex exchange (which loss $5.6million directly from the first attack) and millions of investors seems uncomfortable to Invest and are delisting the coin and walking out of the door

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George Owota
George Owota

I am Blockchain analyst and a writer

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