THELOGICALINDIAN - Ethereums bottom analogue is decumbent to annexation due to its baby mining community
Ethereum Classic was hit by addition 51% advance on Aug. 29, authoritative it the third advance on the blockchain this month.
Details of the Attack
Blockchain analytics close Bitfly appear the account on Twitter this week, forth with assorted abstruse details:
During the attack, the hacker busy out mining hashpower to accretion ascendancy of the Ethereum Classic blockchain. This accustomed the antagonist to accomplish “double spend” affairs and abduct funds.
Though it is not yet bright how abundant money the antagonist earned, antecedent attacks accept netted hackers over $1 actor account of ETC tokens.
Ethereum Classic is a common ambition for 51% attacks due to its baby mining abject and low hashrate. It was additionally hit by two agnate attacks this ages during the anniversary of Aug. 1.
Prior to those attacks, the blockchain suffered addition 51% advance in January 2024.
ETC Community Responds
Various organizations in the crypto association accept responded to the attack. ETC Cooperative has brash miners and exchanges to accumulate acceptance requirements high, which will anticipate the antagonist from authoritative use of their ill-gotten gains.
Coinbase has complied by adopting ETC acceptance times to two weeks.
Elsewhere, ETC Labs is pursuing regulation of billow mining platforms, which are active in 51% attacks. The alignment addendum that billow mining platforms do not usually awning users. As a result, users can “launder cryptocurrency for afresh minted tokens with no history” and attenuate mining-based security.
Finally, above exchanges are alpha to see the bread as a high-risk asset.
KuCoin has removed ETC from its allowance trading platform, while FTX is because abandoning its ETC futures affairs product. OkEX, meanwhile, briefly advised delisting the bread from its exchange, but ultimately absitively to abide trading it.
The accident has acquired ETC’s amount to bead slightly. It alone 4% on its amount for the week, admitting Bitcoin absent aloof 1%, and Ethereum acquired 11% in the aforementioned period.
