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$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

The Ethereum Classic (ETC) blockchain community misplaced $5.6 million to 1 miner following a 51% assault initially considered a sequence cut up.

During the assault, the offending miner managed to double-spend 807,260 ETC ($5.6 million) after spending 17.5 BTC or $200,000 (at time of writing) to accumulate the hash energy for the assault.

The ETC workforce initially issued an announcement advising its shoppers to halt interactions with the community whereas corrective steps had been taken.

At the time, one of many builders at ETC, James Wo insisted the occasion “was not a 51% assault” whereas stressing that the “offending miner went offline and was utilizing outdated shopper software program.”

The investigation by Bitquery now debunks ETC workforce’s preliminary concept.

According to Bitquery, the attacker “mined 4280 blocks for 4 days.” It provides that “he did solely a little bit mining earlier than and stopped mining after the assault.”

In outcome, the miner “despatched all of the mining reward cash (13Ok ETC ) to deal with 0x401810b54720faad2394fbe817dcdeae014066a1, the place it resides on the time of writing.”

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Bitquery’s report offers a timeline of how the subtle assault unfolded in addition to the id of the crypto change utilized by the miner to facilitate the assault.

Meanwhile, the ETC workforce now acknowledges the occasion is the truth is an assault. In an announcement issued late on 5 August the workforce mentioned:

Today one other massive 51% assault occurred on ETC which induced a reorganization of over 4000 blocks. Until additional discover ETC pool payouts are disabled and we encourage all our miners to modify to our ETH pool within the meantime.

Members of the ETC workforce additionally mentioned, “in mild of latest community assaults, it’s endorsed that every one exchanges, mining swimming pools, and different ETC service suppliers considerably increase affirmation instances on all deposits and incoming transactions.”

$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

Meanwhile, ETC Cooperatives says its director of developer relations, Yaz Khoury will likely be working Bitquery to study out “extra concerning the latest assault, together with the attacker’s addresses, origin of hashpower, the movement of funds, and extra vital particulars.”

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In 2019, ETC suffered the same assault prompting some exchanges like Coinbase to right away stop interactions with the blockchain.

What do you consider the newest assault on ETC? Share your ideas within the feedback part beneath

The put up $5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network appeared first on Bitcoin News.

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