THELOGICALINDIAN - Two reorgs in one anniversary puts Ethereum Classic in hot water
A additional reorg advance hit the Ethereum Classic blockchain in the aftermost week. After two after assault to the blockchain’s immutability, the association needs to assemblage to acquisition a applicable band-aid to restore assurance in the blockchain.
Ethereum Classic’s Low Hashrate PoW Networks
Today, the Ethereum Classic alternation suffered from its additional blockchain reorg in bristles days. The adjustment and capacity of over 4,000 blocks were confused around.
On Aug. 1, Ethereum miner Bitfly tweeted that Ethereum Classic was experiencing best block times than accepted because nodes chock-full syncing. A abbreviate while later, Bitfly declared that the blockchain was experiencing a 51% attack, and 3,693 blocks were reorganized.
Bitquery, a blockchain abstracts firm, told Coindesk that an antagonist double-spent $5.6 actor account of ETC from the Aug. 1 attack. To cull this off, the antagonist spent $204,000 to hire abundant assortment ability to accept 51% of the arrangement – an ROI of 27x.
When a blockchain is hit by a reorg attack, it allows a hacker to abolish affairs ahead accepted transactions, alteration the accompaniment of the blockchain. This enables double-spend attacks as a awful article can absorb bill at one place, reorg the blockchain to abolish those transactions, and accept their bill aback in their address.
Standard agreement is for exchanges to attenuate withdrawals and deposits to ensure bad actors cannot accomplish off with their loot.
But Bitquery says that the antagonist was able to banknote out through OKEx by planning in advance. The antagonist beatific funds to OKEx, cashed out, and afresh reorganized the blockchain to asleep the transaction area they beatific ETC to OKEx. Hence, the antagonist was able to banknote out their aboriginal assemblage but additionally anguish up with their tokens afresh by deleting the transaction.
Ethereum Classic is the aboriginal alternation from which Ethereum was angled in the after-effects of the DAO hack. The amount aberration amid Ethereum and Ethereum Classic is immutability, as supporters of the aboriginal alternative didn’t appetite to angle abroad from the mistakes.
However, best banking and bookish assets followed Ethereum.
Vitalik Buterin, a co-founder of Ethereum, suggests Ethereum Classic should move to Proof of Stake to abate the anticipation of double-spend attacks. The community, however, has been acerb against to this and wants to abide on Proof of Work.
The reorg incidents beggarly Ethereum Classic is no best abiding because abstracts on the blockchain has been afflicted forever. The abutting few weeks will be cardinal in free how the Ethereum Classic association moves forward.
