Ethereum Classic may face 51% Attack

Ethereum Classic block chain faces a rearrangement of 3,693 blocks. The ETC Core team stated that it is not yet clear whether this is malicious or not, while Binance mentioned the possibility of a 51% Attack.

Ethereum Classic, one of the major cryptocurrency networks, is reported to have experienced a 3,693-block reorg. Reorg, or reorganization, refers to the modification of historical data written to the blockchain.

The problem was first discovered by the cryptocurrency mining company Bitfly, and later confirmed by both Binance and the Ethereum Classic development team ETC Core.

The ETC Core team said in its statement on the issue that it has not yet been determined whether this re-arrangement is malicious. “A miner has lost internet access for a while while mining, which may have caused about 3000 blocks to break in,” said the team. said.

The statement also emphasized that there were only 1 miner in the first 2000 blocks and 5 transactions in total, “It does not look malicious. There may also be an intentional attack, but there is no major double spending attack. We continue to investigate the incident and we will provide more information soon. ” expressions were used.

Bitfly called on all exchanges to stop deposits and withdrawals. “Our warning system immediately noticed the situation and automatically stopped withdrawals and deposits,” said Binance. This could be a 51% attack. ” He made a statement.

Ethereum was on the agenda in January of the same year. The attacker had stolen 219,500 ETC through double spending. This amount was 1 million 100 thousand dollars at the time of the event., one of the biggest cryptocurrency exchanges, announced that it lost 40,000 ETC in the attack. This stock market later announced that the attacker made a $ 100,000 return to them.

What is a 51% Offensive?

All cryptocurrencies based on the Proof-of-Work (PoW) algorithm are threatened by the 51% Attack. An attacker who controls 51% of the mining power of a PoW cryptocurrency network can stop or reverse transactions on this network and thereby use methods such as double spending. In order to carry out such an attack, it is necessary to have more than 50% of the network’s mining power that can be rented or purchased and the money required for this.

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!