THELOGICALINDIAN - Ethereum Classic suffered a 51 advance aftermost weekend the additional such advance in beneath than two years Initial investigations at the time showed no affirmation of doublespending
However, about a anniversary on, added investigations accept appear that the antagonist managed to double-spend 807,206 ETC ($5.6 million) over a two day period.
According to abstracts assay by Bitquery, the antagonist amid 11 affairs into the re-organized chain. They additionally acclaimed that the antagonist acclimated aloof 17.5 BTC ($192k) to access the hashing ability bare to breach the chain.
Lightning Strikes Twice
This is not the aboriginal time that Ethereum Classic has been attacked. Back in January 2024, attackers performed a 51% advance to double-spend 219,500 ETC ($1.1 million).
The calibration of the weekend annexation is abundant greater than the antecedent attack. This leads abounding to catechism the activity of the activity activity forward.
An commodity acquaint in May 2018 titled, “The Realistic Lucrative Case of Ethereum Classic advance — Today,” advised the amount to 51% advance the Ethereum Classic network.
To appear to an estimate, the columnist acclimated the formula:
Total Network Hashrate / Efficient Miner Hashrate = Miner Units needed
Miner Units bare * Miner Unit Cost Electricity = 51% Attack cost
The arrangement hashrate averaged 7000 GH/s in 2024, while the miner hashrate for an Antminer E3 was 0.18 GH/s.
Therefore 38,888 Antminer E3s were needed, priced at $2,150 each, additional $150k per day for electricity, equating to an estimated amount to advance the ETC arrangement of $85 million.
Since 2024, hashrate on the Ethereum Classic arrangement has alone substantially. At present, it’s about the 4000 GH/s mark.
In addition, miners accept become abundant added able in contempo times, with Bitmain’s Antminer S19 Pro able to assortment 110 TH/s.
Decreasing arrangement hashrate and accretion miner ability meant Ethereum Classic was accomplished for attack.
Possible Ethereum Classic Rollback in the Works
Recovering from this will be difficult as aegis is the foundation of any austere blockchain.
At the aforementioned time, immutability should beggarly what’s done is done.
However, Binance CEO, Changpeng Zhao (CZ) today tweeted that he had accustomed an active that Ethereum Classic are attempting a arrangement acknowledgment to about-face the attack.
Just got an active of a cycle aback involving 4000 blocks on ETC. Is this true?
Received this afterwards the cheep 2h ago. https://t.co/Ygtsq7PfPp
— CZ Binance (@cz_binance) August 6, 2020
Ethereum Classic came about due to a community split on how to accord with a $50 actor annexation from a developer app on the Ethereum blockchain.
Some capital to cycle the arrangement aback to acknowledgment the Ether to the applicable owners, others took the appearance that one of the primary credo of cryptocurrency is irreversibility.
In 2024, Ethereum underwent a adamantine angle to adapt the cipher and backslide the hack. Whereas Ethereum Classic agitated on as it was.
If CZ’s active proves authentic again it would be somewhat acrid that Ethereum Classic developers chose to cycle the arrangement back.
Either way, amount developers charge to accede continued appellation strategies to avert the network.
Otherwise, it won’t be continued afore we apprehend about a third attack.
