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Ethereum in Second Week of 51% Attack


All Ethereum Classic payouts, withdrawals and deposits have been suspended due an attack.

The reorganized deal history is currently the chain that is longest on the network. Nonetheless, the majority of Ethereum Classic miners – such as for instance mining pool Ethermine – are continuing to mine on the reduced version regarding the network.

Developers behind Ethereum Classic said in a moments that are tweet Bitfly’s report that exchanges and mining pools are encouraged to “significantly raise verification times on all deposits and incoming transactions” in light of “recent network attacks.”

A chain reorg occurs whenever a ongoing party gains more hashing power than the sleep of the network miners. The adversary can then rewrite the chain’s history and “double-spend” the blockchain’s currency that is nativein this case, ETC). Hashing power on Ethereum Timeless looks to have decreased considerably since, August 3 dropping nearly 20% from 1.6 TH/s to 1.3 TH/s as of press time monday.

This attack that is fresh Ethereum Classic’s network follows on from a recent attack that taken place between July 29 and Aug. 1, according to blockchain analytics firm Bitquery.

A little over 800,000 ETC (about $5.6 million), and paid about 17.5 BTC ($204,000) to acquire the hash power for the assault while Ethereum Classic designers initially said the network did perhaps not suffer from a reorganization or a 51% attack in that previous attack, Bitquery said Wednesday that an attacker.

The worth that is monetary of’s 51% assault when it comes to the double spends is not yet known. Nonetheless, at $23.44 per block reward on Ethereum Classic, the attacker has most likely earned $93,760 from block rewards alone.

The attack follows the deprecation of the OpenEthereum client on 16 july. Nearly half of the network’s nodes – including mining that is important exchange connections – operated on OpenEthereum software which became immediately outdated following the first chain reorg on July 31.

Ethereum Classic developers have urged node operators to change to Besu or Core-geth implementations at the earliest opportunity.

Ethereum Classic’s price was $7.03 as of press time, down less than 1% over 24 hours. All Ethereum Classic payouts withdrawals and deposits are suspended.


Billy Houghton

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