In line with Wallebi, cryptocurrency is an attractive area for hackers. One of the possible attacks, which cryptocurrencies are vulnerable to face with is 51% attack. However, it’s not as easy as other methods, still attackers show attraction about it. A 51% attack happens when the majority of miners (more than 50%) could gain the access of the network power. By using this method, the attackers can interrupt the recording of new blocks by preventing other miners from completing blocks. Recently, Ethereum Classic network experienced another attack. In this post we are going to talk about Ethereum Classic’s third 51% attack.
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Ethereum Classic’s third 51% attack; the attack happened after security updates
It was on August 29, that Ethereum Classic (ETC) experienced another 51% attack. The current attack happened just before the recent security upgrade. It caused the reorganization of more than 7000 blocks.
The Ethereum Classic confirmed the attack in a tweet and promised to users that they are working in order to find a solution for the recent problem.
The Ethereum Classic foundation announced that their team is making progress find a potential solution for the problem, which occurred in the network. They mentioned that they are aware of network currency risks and low hashrate level. In addition, they suggest to all exchanges, miners and other service providers to keep confirming requirements levels above 7K for now.
The developers made changes in the network just few weeks before the attack get in place. In fact, they hoped by the new security upgrade the network could be immune for such those attacks at least for three to six months.
Ethereum took action it won’t be the last attack
Anyway, the Ethereum foundation took action immediately. They acted defensive by cooperating with mining pools in order to maintain consistent or even increased hashrate. In addition, they whitelisted addresses and a finality arbitrate system to prevent chain reorganization.
ETC mentioned in another tweet that another 51% attack may occur in the network while they are testing out new changes.