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Author Topic: Ethereum Classic was hit with another 51% attack  (Read 196 times)
spike420211
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August 31, 2020, 07:55:59 PM
Last edit: September 02, 2020, 04:31:56 PM by spike420211
 #1

The Ethereum Classic (ETC) blockchain was hit with another 51% attack on Saturday evening — for the third time in a month.

The attack saw a reorganization of over 7,000 blocks, or around two days' worth of mining, according to Bitfly — the parent company of Ethermine mining pool. The Ethereum Classic organization confirmed the attack in a separate tweet.

The first and the second 51% attacks on ETC saw reorganizations of 3,693 and 4,000 blocks, respectively. In that sense, the third attack appears to be the largest, although the loss amount remains unclear.

ETC's hash rate remains low, which makes it vulnerable to 51% attacks. According to Crypto51, ETC's hash rate is 2 TH/s (terahashes per second), and the theoretical cost to 51% attack ETC is $4,860 per hour. The theoretical cost is the amount of money needed to rent hashrate for a particular time period. Ethereum's hash rate and the theoretical cost, on the other hand, is way higher than ETC, at 202 TH/s and $474,600 per hour, respectively, and thus makes it almost impossible to 51% attack the network.

The ETC community is taking steps to secure its blockchain. Earlier this month, ETC Labs proposed a multi-stage strategy to mitigate the risk of 51% attacks. If the community can't find a way to better protect the network, the coin could face delisting, major exchanges told The Block recently.

https://www.theblockcrypto.com/linked/76431/ethereum-classic-etc-third-51-attack

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September 02, 2020, 04:42:27 PM
 #2

Ethereum Classic Labs will attract regulators to protect from attack 51%.

Ethereum Classic Labs to Pursue Enforcement and Regulation of Hash Rental Platforms.

It looks like the creators of the classic are trying hard to prevent new attacks 51%. I wonder what the measures they are trying to lead to After all, in the end, through this, they themselves will be able to initialize the attack.


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September 02, 2020, 04:51:33 PM
 #3

ETC needs to change its exploit to counter 51% attacks. There are many ways to change that is to switch from POW to POS or use POW and POS in parallel, they can also develop nodes.
For a long time, they have not changed technology. In 1 month attacking 51% to 3 times is too much. The ETC will crash if they don't do anything.

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September 02, 2020, 05:15:35 PM
 #4

There are too many hashrate in the world that can be used, especially since these powers have spread across different projects.

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September 02, 2020, 06:17:25 PM
 #5

Ethereum Classic Labs will attract regulators to protect from attack 51%.

Ethereum Classic Labs to Pursue Enforcement and Regulation of Hash Rental Platforms.


Lmao, when they want to attract investors, they are so big on decentralization and disrupting "legacy" financial systems, but when they get in trouble they beg the government to save them. So pathetic.

Strange to see that the price dropped only by 7%, by all marks this shitcoin should have been dead already, who seriously wants to use a coin that can get 2 days of its transactions wiped out? It's risky to even trade it, because the 51% attack can happen while you move coins between exchanges.

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September 15, 2020, 12:20:52 PM
 #6

Japanese crypto asset exchanges Coincheck and bitFlyer announce the handling of Ethereum Classic

Japanese crypto asset exchange Coincheck announced on September 14 that it will temporarily suspend the purchase and sale of Ethereum Classic (ETC) and the accumulation of ETC on its crypto asset accumulation service.
According to the press release, the temporary suspension of ETC handling is scheduled for 5:00 p.m. on September 15. The reopening of the program has not been determined at this time.

Coincheck’s temporary suspension of ETC is in response to the fact that ETC has been experiencing an ongoing major reorganization (reorg) since early August, which is believed to have been caused by the 51% attack, the company said. Coincheck has also reached this decision because if ETC trading increases on Coincheck in the future, Coincheck will not be able to send and receive money to conduct covered transactions between domestic and international crypto asset exchanges in order to mitigate risk, and will not be able to safely manage users’ assets in a legally compliant manner, and may not be able to accommodate users’ sales.

On the same day, September 14, bitFlyer, another Japanese crypto asset exchange, also announced that it will stop depositing ETC from 5:00 p.m. on September 15.

https://medium.com/neweconomy/japanese-crypto-asset-exchanges-coincheck-and-bitflyer-announce-the-handling-of-ethereum-classic-c1a26c97311d

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September 15, 2020, 12:23:32 PM
 #7

It will be much better if the suspension will be for a long time or they'll do the same as Coinbase's did.

That will be a bigger problem if there's no action taken and at least, they're taking actions and response with the said 51% attack. It won't surprise many if ETC will be attacked again.

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September 15, 2020, 01:54:50 PM
 #8

Once Ethereum 2.0 completely removes POW from their system, ETC will no longer suffer a 51% attack because miners will switch to ETC mining. Most altcoins at the same time switched to master node, POS combined with POW but ETC still kept their opinion. Attack 51% twice in a month is overwhelming for such an altcoin.

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September 15, 2020, 02:07:40 PM
 #9

Finally, it was proven that the community is the most important factor in cryptocurrencies. The majority of the Ethereum community decided to support Ethereum and not Ethereum Classic when DAO hack happened and this caused the network much stronger, due to more miners and higher hashing power. Not the idea behind cryptocurrency makes it strong, but the community Smiley.


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Bossfidelity
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September 15, 2020, 02:27:28 PM
 #10

Ethereum classic has always been having issues from time immemorial, the project has lost so much to hackers and bug and I'll be doomed to hold ethereum classic tokens. The token risk delisting and that may be effected if something is not done about the hash rate. I would advise holders to do the needful before they're dragged along with the project.
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September 15, 2020, 03:13:22 PM
 #11

The weakness and the loopholes in the ethereum classic blockchain is causing all the problems and if we hear news of another such attack then i think etc developers should give up and either transfer the project to other competent developers or close it down.

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FaucetKING
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September 15, 2020, 03:33:30 PM
 #12

Ethereum Classic Labs will attract regulators to protect from attack 51%.

Ethereum Classic Labs to Pursue Enforcement and Regulation of Hash Rental Platforms.


Lmao, when they want to attract investors, they are so big on decentralization and disrupting "legacy" financial systems, but when they get in trouble they beg the government to save them. So pathetic.

Strange to see that the price dropped only by 7%, by all marks this shitcoin should have been dead already, who seriously wants to use a coin that can get 2 days of its transactions wiped out? It's risky to even trade it, because the 51% attack can happen while you move coins between exchanges.
Indeed, some of the unlucky guys could transfer their "Full Bags" of ETC while scammers could be ready to grab them if the luck goes to the side of the manipulating hands. I holded ETC in the past and had some coins worth a good amount but i'm sure that i dumped them and wouldn't even regret. The ETC blockchain was a "hype" and i think that it is not worth the time nor the funds.
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September 15, 2020, 03:51:11 PM
 #13

I did expect it, honestly, it had 51% attacks in the past too. I still don't get why people buy those shitcoins. The thing that concerns me is why isn't the coin's value = 0 (yet). If I knew that my confirmed transactions can be change in the future, I wouldn't give for that coin not even a cent.

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September 15, 2020, 03:59:39 PM
 #14

Ethereum classic has always been embattled and I really don't know why the project has this level of attackers. I feel its basically because there's a foundational issue with the source codes whose porosity have given the attackers access to carry out their nebulous enterprise.
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September 15, 2020, 04:01:43 PM
 #15

I did expect it, honestly, it had 51% attacks in the past too. I still don't get why people buy those shitcoins. The thing that concerns me is why isn't the coin's value = 0 (yet). If I knew that my confirmed transactions can be change in the future, I wouldn't give for that coin not even a cent.

This has became quite an old news but it's effect are still visible with the ETC network. The two back to back 51%  attack has made the blockchain nearly unusable, services and exchanges are asking for 200K confirmations before crediting the coins which takes multiple days. Even the low scale GPU miners of ETH are out of choice, ETH too is soon shifting towards POS.
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September 15, 2020, 04:34:02 PM
 #16

I do not see any reason why I should buy, hold, or use Ethereum Classic. For me it is already a dead coin, that didn´t survive the pressure, didn´t innovate, didn´t attract miners and users and this is only the result of it.  Smiley
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September 15, 2020, 05:28:25 PM
 #17

At this point who really pays full price for ETC? I mean if you are a trader or an investor, would you really consider ETC as a real coin?
I totally see them as a failed project, they didn't want the fork to happen so they did a hard fork themselves and kept the old and useless and not even good ethereum project with another name called Ethereum classic but it turns out the old system wasn't as good so it got burned to hell and now it is getting 51% attacks over and over again, which is why I believe there is really no reason why people should believe them or buy them.

I feel like it should go outside of top 1000 right now, they are really nothing but a scam coin at this point, I wouldn't spend a single cent on them and I would suggest everyone not to do it as well.

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(o)(o)ilikeboobs(o)(o)
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September 16, 2020, 08:32:23 AM
 #18

At this point who really pays full price for ETC? I mean if you are a trader or an investor, would you really consider ETC as a real coin?
I totally see them as a failed project, they didn't want the fork to happen so they did a hard fork themselves and kept the old and useless and not even good ethereum project with another name called Ethereum classic but it turns out the old system wasn't as good so it got burned to hell and now it is getting 51% attacks over and over again, which is why I believe there is really no reason why people should believe them or buy them.

I feel like it should go outside of top 1000 right now, they are really nothing but a scam coin at this point, I wouldn't spend a single cent on them and I would suggest everyone not to do it as well.
This project is not a scam but they were very bad at upgrading the technology for ETC. Most of the altcoins mined at the same time it switched from POW to POS or combined POS, POW, and added a primary node to reduce the dependence on the miner.
As miners mine less, the system is manipulated and a 51% attack will occur. Now they are so confused, maybe they are begging large mining pools to adopt ETC mining to help balance the network.
I believe they will have to improve ETC's technology even more. Currently, POW is not good.

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September 16, 2020, 08:40:39 AM
 #19

This project is not a scam

agree, it is not a scam, it just failed to be a successful project, there is no development, mining power is low and it is easy to make an attack to the network

it is a surprise for me that ETC is still within top 50 projects, not to mention that ETC was in top 20 few months ago, i expect that it will go down in the future, does not offer anything new, there is no projects that are implemented on this block-chain and active development is on a really low level

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September 16, 2020, 11:15:59 AM
 #20

This is one of the main reasons why I do not invest heavily into smaller Alt coins. Some large mining operations can quickly swap some hashing power and perform a 51% attack, if they have to ..or.. if they have some hidden agenda. The $4,860 per hour is nothing to them, if they want to "kill" the competition.

One sustained attack, would ruin these smaller Alt coins/forks and we even saw some people trying to do that with Bitcoin in the fork war period. (renting hashing power to support a specific fork)  Roll Eyes

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