Ethereum Classic (ETC)

Ethereum Classic (ETC) Suffers Yet Another 51% Attack, The Third This Month Of August.

By LinkStar | LinkStar | 30 Aug 2020


Hello, Good day friends. Today I'll discuss about the latest Ethereum Classic (ETC) 51% attack, the third such attack this month which happened yesterday evening and this was after a week ETC Labs, a leading organization behind Ethereum Classic network announced to take measures to protect the network from further such attacks.

This 51% attack was noticed by the mining company Bitfly as also of the first attack on 01st August. This attack caused the reorganization of 7000 blocks which equals to approx two days of mining.

Bitfly

The previous two attacks had reorganized 3693 and 4000 blocks respectively. 

ETC Co-operative another organization supporting the ETC Network said that they'll "evaluate proposed solutions as quickly as possible"

ETC Co-op

It seems that the lack of security has made the network susceptible to 51% attacks among other factors and cryptocurrency exchanges like OKEx were considering to de-list the coin after the first two attacks.

While the attack did not seem to affect Ethereum Classic (ETC) as it was trading at $6.48 USD at the time of writing.

Thanks for Reading!

How do you rate this article?


14

0

LinkStar
LinkStar

A Crypto enthusiast about Blockchain technologies; Social worker and Nature lover!


LinkStar
LinkStar

Crypto enthusiast, Science and Technology, Nature watching, Environmental issues and Universe!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.