THELOGICALINDIAN - Ethereum Classic suffered a 51 advance in the aboriginal hours of August 1st
A blog column from the ETC Cooperative said attackers abounding the arrangement with offline mined blocks. As a result, the arrangement was clumsy to action the aggregate of transactions, arch to a about-face of the alternation and breach amid nodes.
“Miner 0x75d1e5477f1fdaad6e0e3d433ab69b08c482f14e appear about 12 hours account of offline mined blocks arch to a above reorg. OpenEthereum nodes were clumsy to cope with that ample a reorg, arch to a alternation breach with OpenEthereum nodes on one ancillary and Core-Geth, Multi-Geth and Hyperledger Besu nodes on the other.”
At present, investigations are still on-going with commendations to the abounding admeasurement of the accident caused.
So far, those curve of analysis accept not angry up any affirmation of double-spending.
In acknowledgment and as a basic measure, some exchanges, including Poloniex, accept abeyant ETC deposits and withdrawals.
Ethereum Classic Core Developer, Stevan Lohja, went on to say an anonymous bug was the account of the alternation breach at the point of arrangement flooding.
Lohja recommended bulge operators active OpenEthereum, and Multi-Geth nodes drift anon to either Core-Geth or Hyperledger Besu.
Despite the upheaval, he approved to assure stakeholders that it’s business as usual.
“The majority alternation is operating as normal. The above miners accidentally mining the incorrect alternation are brief to Core Geth as able-bodied as added ETC account providers.”
Ethereum Classic Has Previously Been 51% Attacked
Ethereum Classic was ahead 51% attacked, aback in January 2024.
Although the abounding admeasurement of the accepted advance is unknown, the one in January 2019 was classified by Coinbase as a “deep reorganization,” with accepted angled spends accretion 219,500 ETC (or $1.1 actor at the time).
“This is alleged a “chain reorganization,” or “reorg” for short. All reorgs accept a “depth,” which is the cardinal of blocks that were replaced, and a “length,” which is the cardinal of new blocks that did the replacing.”
Back then, the adventure triggered discussions over the activity and aegis of proof-of-work (PoW) systems activity forward.
As the two best arresting PoW protocols in the space, some alike predicted the annihilation of Bitcoin and Ethereum.
Confusion from investors saw both Ethereum Classic and Ethereum acquaintance a sell-off as a aftereffect of the advance on Ethereum Classic.
Matti Greenspan was agog to accent that Ethereum Classic and Ethereum are audibly abstracted entities. What’s more, arguing the case for PoW, he said:
“The acumen is that Ethereum has a hashrate of about 20 times that of Ethereum Classic. So, while it ability be accessible to briefly get abundant hashrate to ascendancy 51% of ETC’s network, it would be about doubtful to affect ETH in this way.”
The weekend advance saw Ethereum Classic ache a sell-off, closing 9% bottomward on the day.
However, amount activity printed a Daul Maul wick. It continued as aerial as $8.30 and as low as $6.50, to abutting the day at $7.18.
Considering this is the additional 51% advance to action in beneath than two years, investors are allurement about the measures implemented afterward the aboriginal attack.
Or is this an authoritativeness for all PoW protocols that abridgement the hashing ability of Ethereum and Bitcoin?
