Ethereum Classic Hit By Another 51% Attack, Causes More Than 7,000 Blocks
The Ethereum Classic (ETC) was hit by another 51% attack, causing the reorganization of more than 7,000 blocks just weeks after proposing security upgrades.
It has been reported in a tweet that Ethereum Classic confirmed the attack and promised it is working on potential solutions to the problem.
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. https://t.co/l6nwIy5mL2 — Ethereum Classic (@eth_classic) August 29, 2020
However, the attack comes a few weeks after developers proposed changes to the network over the next three to six months in hopes of warding off further incursions, as immediate actions include defensive mining cooperation with mining pools to maintain consistently and even increased hashrates, advanced network monitoring, whitelisting addresses and a finality arbitration system to inhibit chain reorganization.
In another tweet, ETC said that currently, it’s at “~3% of the overall network hashrate” and is aware that repeated attacks may occur while testing out these changes.
ETC is ~3% of the overall ETH network hashrate. We are well aware of potential repeated attacks while solutions such as "reorg caps" and the subsequent ECIPs are being tested and evaluated. If you haven't already please increase (which most have) please raise confs above ~10K. — Ethereum Classic (@eth_classic) August 29, 2020
This month alone, Ethereum Classic suffered at least two 51% attacks before this latest one.
Thus, some exchanges like OKEx, alarmed at the constant attacks, even warned ETC it will delist it if security is not beefed up.
Source: Cointelegraph | Image: Wikicoins