The Ethereum Classic (ETC) blockchain network dropped $5.6 million into a single miner after a 51% assault originally considered to be a series divide.
Throughout the assault, the offending miner was able to double-spend 807,260 ETC ($5.6 million) later spending 17.5 BTC or $200,000 (at time of writing) to obtain the hash electricity to your assault.
The ETC team originally issued a statement informing its customers to stop interactions with the system while corrective measures were taken.
At that moment, one of the programmers at ETC, James May insisted that the occasion “was not a 51% attack” while stressing the “offending miner went offline and was using old client software.”
The analysis by Bitquery currently debunks ETC team’s first theory.
Based on Bitquery, the attacker “mined 4280 blocks for four days.” It includes that “he did only a little mining before and stopped mining after the attack.”
As a consequence, the miner “sent all the mining reward money (13K ETC ) to address 0x401810b54720faad2394fbe817dcdeae014066a1, where it resides at the time of writing.”
Bitquery’s report provides a glimpse of how the complicated attack unfolded in addition to this identity of the crypto exchange utilized from the miner to ease the attack.
Meanwhile, the ETC team today admits that the occasion is in reality an assault. In a statement issued on 5 August the group stated:
Another big 51% assault happened on ETC that triggered a reorganization of over 4000 blocks. Until further notice ETC pool payouts are all handicapped and we invite our miners to change to our ETH pool meanwhile.
Members of the ETC team also stated, “in light of recent network attacks, it is recommended that all exchanges, mining pools, and other ETC service providers significantly raise confirmation times on all deposits and incoming transactions.”
Meanwhile, ETC Cooperatives claims its manager of developer relations, Yaz Khoury is going to probably be functioning Bitquery to learn out “more about the recent attack, including the attacker’s addresses, origin of hashpower, the flow of funds, and more important details.”
In 2019, ETC endured a similar assault prompting some trades such as Coinbase to instantly cease interactions using the blockchain.
What would you consider the most recent assault on ETC? Share your ideas in the comments section under
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