Ethereum Classic Suffers 51% Attack Again: Delisting Risk Amplified

Beleaguered Ethereum Classic (ETC) blockchain suffered one more 51% attack on August 29. The most up-to-date attack triggered the reorganization of over 7,000 blocks and this corresponds to roughly two days of mining. At the time of reporting, it modified into not certain if there had been any double-spending as modified into the case in the final attack. In that attack, it modified into reported that the Okex replace suffered a loss of $5.6 million straight as a end result.

A assert revealing the attack provides that “all lost blocks can be faraway from the immature balance and we can test all payouts for dropped transactions.”


Meanwhile, of their preliminary comments on primarily the most up-to-date attack, builders engaged on ETC are attributing ongoing assaults to the network’s identified vulnerabilities.

“ETC is ~3% of the total ETH network hash rate. We’re smartly conscious of most likely repeated assaults while strategies equivalent to “reorg caps” and the next ECIPs are being tested and evaluated. If you haven’t already please prolong (which most contain) please elevate confs above ~10Ok,” reads a Twitter assert from the first ETC crew.

Furthermore, the assert urges miners, exchanges, and a form of service services to withhold “confirmation requirements ranges smartly above 7k for now.”

Meanwhile, the timing of primarily the most up-to-date attack is particular to use eyebrows. The most up-to-date network attack, which is the third time this has took dwelling in a month, took place quickly after some community contributors had announced the addition of two fresh Ethereum Classic Enhancements Proposals (ECIP).

Proposed by Enter-OutputHK, the first ECIP introduces a checkpoint gadget to quit the different of one more attack while the 2d one proposes a decentralized treasury.

On the other hand, following the final attack, the ETC community had been cleave up on the potential forward and namely over the 2d proposal. After heated exchanges, it seems the Charles Hoskinson’s camp, which favors the controversial proposition, has prevailed.

Ethereum Classic Suffers 51% Attack Again: Delisting Risk Amplified

Interestingly, on the different hand, news of primarily the most up-to-date attack seems to contain had a minute do on the ETC imprint. At the time of writing, the ETC traded at $6.71 marginally down from the $6.74 at across the time the breach modified into chanced on.

Quiet, there is a staunch chance that some exchanges will delist the token following this attack. Okex has already acknowledged that it’s far going to “contain in tips delisting ETC, pending the outcomes of the Ethereum Classic community’s work to toughen the safety of its chain.” The most up-to-date attack could well now force the replace to behave on the threat.

Pause you suspect the ETC community is doing ample to quit these assaults? Portion your tips in the comments portion.

Ethereum Classic 51% Attack: Okex Crypto Exchange Suffers $5.6 Million Loss, Contemplates Delisting ETC

$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

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