ethereum-classic-considers-network-rollback-following-$5.6m-theft

Ethereum Classic Considers Network Rollback Following $5.6M Theft

Ethereum Classic suffered a 51% assault closing weekend, the 2nd such assault in lower than two years. Preliminary investigations on the time confirmed no evidence of double-spending.

ethereum classic etc

Ethereum Classic (ETC) label drops after studies of a 51% assault. (Source: TradingView.com)

Then all once more, virtually every week on, extra investigations possess published that the attacker managed to double-utilize 807,206 ETC ($5.6 million) over a two day duration.

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In accordance with knowledge prognosis by Bitquery, the attacker inserted 11 transactions into the re-organized chain. They furthermore renowned that the attacker aged simply 17.5 BTC ($192k) to develop the hashing energy wanted to split the chain.

log of ethereum classic transactions into the re-organized chain

Source: weblog.bitquery.io

Lightning Strikes Twice

Right here’s no longer the precious time that Ethereum Classic has been attacked. Attend in January 2019, attackers performed a 51% assault to double-utilize 219,500 ETC ($1.1 million).

The dimensions of the weekend theft is far better than the outdated assault. This leads many to hunt info from the viability of the mission going forward.

An article posted in Can also 2018 titled, “The Life like Lucrative Case of Ethereum Classic assault — Right this moment time,” examined the payment to 51% assault the Ethereum Classic community.

To attain to an estimate, the creator aged the formula:

Total Community Hashrate / Efficient Miner Hashrate = Miner Objects wanted


Miner Objects wanted Miner Unit Price + Electrical energy = 51% Assault payment

The community hashrate averaged 7000 GH/s in 2018, whereas the miner hashrate for an Antminer E3 changed into 0.18 GH/s.

Therefore 38,888 Antminer E3s possess been wanted, priced at $2,150 every, plus $150k per day for electrical energy, equating to an estimated payment to assault the ETC community of $85 million.

Since 2018, hashrate on the Ethereum Classic community has dropped substantially. Presently, it’s around the 4000 GH/s label.

Ethereum Classic hash rate

Source: bitinfocharts.com

In addition, miners possess become worthy extra environment nice in most up-to-date events, with Bitmain’s Antminer S19 Official in an area to hash 110 TH/s.

Reducing community hashrate and rising miner efficiency supposed Ethereum Classic changed into ripe for assault.

Doable Ethereum Classic Rollback in the Works

Convalescing from this could perchance be hard as safety is the muse of any serious blockchain.

At the identical time, immutability could perchance light mean what’s accomplished is accomplished.

Then all once more, Binance CEO, Changpeng Zhao (CZ) on the present time tweeted that he had got an alert that Ethereum Classic are attempting a community rollback to reverse the assault.

Fair got an alert of a roll aid inspiring 4000+ blocks on ETC. Is this aesthetic?

Got this after the tweet 2h previously. https://t.co/Ygtsq7PfPp

— CZ Binance (@cz_binance) August 6, 2020

Ethereum Classic took keep because of a community split on guidelines on how to contend with a $50 million theft from a developer app on the Ethereum blockchain.

Some wanted to roll the community aid to return the Ether to the rightful homeowners, others took the quiz that regarded as one of many valuable tenets of cryptocurrency is irreversibility.

In 2016, Ethereum underwent a hard fork to change the code and revert the hack. Whereas Ethereum Classic carried on as it changed into.

If CZ’s alert proves aesthetic then it’d be considerably ironic that Ethereum Classic developers selected to roll the community aid.

Either device, core developers must score into consideration prolonged term suggestions to defend the community.

In every other case, it won’t be prolonged forward of we hear a couple of third assault.

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