Ethereum Classic Suffers Terrible Week Due to the Second Attack

August 11, 2020

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Ethereum classic developers were still in trauma due to the last week, when in no time, another 51% attack was launched against their blockchain, this Thursday.

The very first attack occurred on 1 Aug’20, while just five days later, the second 51% attack, with the news that the first attack had observed a successful spend of $5.6 million worth of ETC. A 51% attack refers to a group of miners attempting to control more than 50% of a network’s mining power or hash rate. By the second attack, the attacker proved the blockchain has potentially no ability to protect it from different exploits.

Now what are the next steps of Ethereum Classic,

51% attacks are low-cap cryptocurrencies, says ETC Coop Executive Director Bob Summer will, during an interview. Nonetheless, all the necessary measures are being taken to protect the Ethereum Classic. One such emergency measure can be using a different hashing algorithm. While the network currently works on the Ethash algorithm, the developers feel that technical tweaks can prevent future attacks.

“Ethereum classic is searching for alternative algorithms, to replace the Ethash with SHA-3, which can avoid further attacks, until that change happens, ETC will remain vulnerable”, Wilson said.

Image courtesy: Google

Legal Measures against the attacker

ETC Labs is pursuing criminal charges against the attacker, for this, ETC Labs have appointed a blockchain law firm Kobre & Kim and analytics business Cipher Trace.

“We want to ensure that there are harsh consequences for manipulating a public blockchain to steal. We are set to protect the probity of the ecosystem,” ETC Labs Terry Culver (CEO) said in the press. 

Grayscale & Exchanges

The ETC developers encouraged the exchanges to increase the transaction confirmation times, to protect themselves against the “double-spent” ETC.

According to Messari, ETC prices were down by 5% this Friday. One possible cause might be the crypto-financial giant Grayscale’s stance on the matter. It holds a total of 10% of all ETC supply.

Unsurprisingly, Ethereum Classic developers remain determined and focused.

Image Courtesy : Pixabay

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