Ethereum Classic Blockchain Suffers its Third 51% Attack in August August 31, 2020 August 31, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 31, 2020 by Kelly Cromley

Ethereum Classic Blockchain Suffers its Third 51% Attack in August

Ethereum ClassicThe Ethereum Classic (ETC) network faced another 51% attack on August 29, resulting in the reorganization of over 7,000 blocks in merely weeks after suggesting security overhauls.

Through a tweet, Ethereum Classic affirmed the breach and guaranteed that it is doing the needful to resolve the issue.

“While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels. To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now.”

The strike took place weeks after coders suggested amendments to the network for the next 3-6 months in order hackers at bay.

Quick response to the scenario involves entering into a defensive mining agreement with big mining pools to ensure stable or even increasing hashrates, improve network monitoring, whitelisting of addresses and an ultimate arbitrate system to stop chain reorganization.

Through another tweet, ETC stated that is presently at “~3% of the overall network hashrate” and is cognizant that continuous attacks may happen while trialing out these modifications.

At least two 51% attacks took place this month on the Ethereum Classic blockchain, before yesterday’s attack. Crypto exchanges such as OKEx, alarmed at frequent breach, have cautioned ETC that it will delist if security is not overhauled.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.