Ethereum Classic (ETC) Suffers Third 51% Attack in a Month
Another major 51% attack has been faced by the Ethereum Classic (ETC) blockchain. The mining firm Bitfly noticed the attack that occurred on Saturday, August 29, 2020, and reported it via a tweet on Twitter. This is the third 51% attack that the Ethereum Classic blockchain has suffered so far within the duration of a month.
A reorganization of more than 7,000 blocks was caused
The third 51% attack seems to be worse than that of the first two attacks. As per the tweet from Bitfly, a reorganization of more than 7,000 blocks was caused during this attack. This reorganization corresponds to approximately two days of mining. As the tweet reads:
“Today another large 51% attack occurred on the #ETC network which caused a reorganization of over 7000 blocks which corresponds to approximately 2 days of mining. All lost blocks will be removed from the immature balance and we will check all payouts for dropped txs.”
After facing the first two attacks, ETC Labs said last week that it has made a strategy for avoiding further 51% attacks from happening on the network. It included defensive mining as well.
The organizations behind the ETC blockchain are working on finding solutions to avoid these attacks in the future. The organization known as ETC Cooperative said in a tweet that they are continuously trying to evaluate solutions by ‘working with others’. The foundation said:
“We are aware of today’s attack and are working with others to test and evaluate proposed solutions as quickly as possible.”
Three 51% attacks in a month
Reportedly, this is the third major 51% attack that the Ethereum Classic blockchain has suffered. The previous two attacks also occurred in the month of August and were reported by the mining company Bitfly respectively.
In the first attack that occurred on the 1st of August, 3,693 blocks were reorganized while on the other hand, the ETC blockchain faced the second attack in the same week in which 4,000 blocks were reorganized. The Ethereum Cassic network severely needs to find out better solutions to avoid further such attacks.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.