Bitcoin Forum

Hijacking via the 51 percent attack on the blockchain is no joke. In fact it happened three times against the Ethereum Classic (ETC) blockchain on July 29 2020, August 1 2020, as well as August 6, 2020.

In the first attack, it was estimated that the perpetrator of the attack managed to double spend as much as 800 thousand ETC (equivalent to US $ 5.6 million). Meanwhile, the attack cost was equivalent to 17.5 BTC (US $ 204,000).

Reporting from Coindesk, Ethermine, Bitfly and Binance mining pools reported the reorganization. According to them all ETC withdrawal and deposit transactions have been suspended, because of the attack.

On Thursday, 6 August 2020, another attack occurred. The value is not yet known. However, with the US $ 23.44 block reward on Ethereum Classic, the attacker will likely have pocketed around US $ 93,760.

ETC needs to really revamp its security or come up with solid fixes or solutions so that it does not happen again. Etc is probably the most attacked coin and it may be due to the vulnerability or loopholes in their network. If this continues etc will have to face survival issues as no one will buy due to all these issues.

Small blockchains shouldn't use PoW.
IMO, only bitcoin should use PoW.

In future, those small altcoins will have to implement other validation algorithms, such as PoS. But for now, PoS is still not yet trusted.

Even Ethereum is have problems implementing it, as it was delayed numerous times already (should hjave been released by 2017 afaik)

Anyone know where more good info is on this

51% attack on a coin so high up in rank

How did they get that high a percentage of mining on the network? Did they hack a pool? What?

2nd time in a row, when will they learn to secure their network? I agree with @bitmover, they should go to PoS, otherwise they will again be targeted by these hackers. This is not the first time they've been hack, but twice in a week? really doesn't look good. Early 2019 there was also a similar attack if I'm not mistaken, executing a double spend on their network. I do hope it will not case any waves of panic right now as we are in this sort of bull-run.

Maybe the hacker is the same person so they find a loophole to do it twice, if the ETC doesn't justify everything then no one will believe in this project anymore and it will dump it.

https://blog.bitquery.io/attacker-stole-807k-etc-in-ethereum-classic-51-attack
https://etc.tokenview.com/en/chart/dailyHashrate
https://bitinfocharts.com/comparison/ethereum%20classic-hashrate.html
https://etc.ethermine.org/
https://twitter.com/etherchain
https://twitter.com/binance/status/1291225022866944000_org/status/1289489999004463111

The ETC network does not have such a large hashrate, but buying hashrate from miners is a risk of losing money in case of an unsuccessful attack.
https://coinmarketcap.com/currencies/ethereum-classic/
The most interesting thing is that the 51% attack did not significantly affect the price of the coin. Over the past 2 weeks, the price of the coin has increased

The developer still fix and upgrade the security to prevent from 51% attack, you can on their twitter to follow any ETC news https://twitter.com/eth_classic

Do you use Binance, OKEx, nor Huobi? because this exchanges is suspended the Deposit & withdraw ETC. To solve it you can use Coinbase [1] or Kraken [2], but it needed around 80-90k confirmations (around 2 weeks).

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[1] https://www.coinbase.com/
[2] https://www.kraken.com/

Oh yeah, you're right. I missed this news.

I've search all popular and trusted exchanges who listed ETC, most of them is already suspend ETC. Beware if someone PM you say "I can help you" or "use xxx exchange", you need to verify first if he's legit or not. Probably the best way is wait until the problem already 100% solved.

I find it really strange that a coin which has market cap so high is susceptible to 51 percent attack. Sure if a coin has a lowe mc and a low hashing power then fine but how can it happen for ETC.