Ethereum Classic Hit by Third 51% Attack in a Month

The Ethereum Fundamental blockchain suffered a 51% assault Saturday night time, its third such assault this month, noticed by mining firm Bitfly, which furthermore spotted the principle assault on Aug. 1.

  • The assault reorganized over 7,000 blocks, or two days’ value of mining, essentially based mostly on a tweet shared by Bitfly. The predominant two assaults reorganized 3,693 and 4,000 blocks respectively.
  • Particularly, a leading organization within the aid of the Ethereum Fundamental network, ETC Labs, announced its formulation to give protection to the network from additional assaults final week, in conjunction with defensive mining that is intended to stabilize the network’s plummeting hashrate and face up to future 51% assaults.
  • Stevan Lohja, skills coordinator at ETC Labs, in a non-public message with CoinDesk, said he finds the timing of the assault “very suspicious” as it came upright a day after a gathering of Ethereum Core developers relating to “aggressive innovation” within the blockchain’s proof of work.
  • ETC Cooperative, one more renowned foundation supporting the network’s trend, took to Twitter following Saturday’s assault pronouncing, “We’re mindful of this day’s assault and are working with others to test and evaluate proposed solutions as rapidly as doubtless.”
  • After the principle two assaults, replace OKEx spoke back by pronouncing this may perhaps perhaps furthermore include in mind delisting the asset as a result of network’s severe lack of security. Coinbase furthermore took drastic measures by extending deposit and withdrawal affirmation cases for ETC to roughly two weeks.
  • Following basically the most up-to-date assault, leading cryptocurrency derivatives replace FTX will re-evaluate its ETC perpetual futures contracts, essentially based mostly on CEO Sam Bankman-Fried in a non-public message to CoinDesk. He said right here’s so though FTX doesn’t strengthen region trading and the cryptocurrency network’s insecurity has less of an immediate carry out on the likelihood of offering futures trading.
  • The cryptocurrency seems largely unaffected by the series of assaults, trading at $6.86 eventually check, decrease than 4% below its heed all the intention in which thru the second assault. The coin has traded arms between $6 and $8 for nearly the entire month of August.

UPDATE (Aug. 29, 23: 03 UTC): Adding commentary from ETC Cooperative.

UPDATE (Aug. 30, 01: 05 UTC): Adding commentary from ETC Labs’ skills coordinator.



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