StyleKandi
Ethereum Classic Considers Network Rollback Following $5.6M Theft

Ethereum Classic Considers Network Rollback Following $5.6M Theft

Ethereum Classic suffered a 51% assault final weekend, the second such assault in lower than two years. Initial investigations on the time confirmed no proof of double-spending.

Ethereum Classic (ETC) value drops after experiences of a 51% assault. (Source: TradingView.com)

However, virtually every week on, additional investigations have revealed that the attacker managed to double-spend 807,206 ETC ($5.6 million) over a two day interval.

According to information evaluation by Bitquery, the attacker inserted 11 transactions into the re-organized chain. They additionally famous that the attacker used simply 17.5 BTC ($192ok) to accumulate the hashing energy wanted to separate the chain.

log of ethereum classic transactions into the re-organized chain

Source: weblog.bitquery.io

Lightning Strikes Twice

This shouldn’t be the primary time that Ethereum Classic has been attacked. Back in January 2019, attackers carried out a 51% assault to double-spend 219,500 ETC ($1.1 million).

The scale of the weekend theft is way higher than the earlier assault. This leads many to query the viability of the venture going ahead.

Read More:  This Bitcoin Volume Trend Formed Before BTC’s Rally to $13,800; It’s Forming Again

An article posted in May 2018 titled, “The Realistic Lucrative Case of Ethereum Classic assault — Today,” examined the price to 51% assault the Ethereum Classic community.

To come to an estimate, the creator used the method:

Total Network Hashrate / Efficient Miner Hashrate = Miner Units wanted
Miner Units wanted * Miner Unit Cost + Electricity = 51% Attack price

The community hashrate averaged 7000 GH/s in 2018, whereas the miner hashrate for an Antminer E3 was 0.18 GH/s.

Therefore 38,888 Antminer E3s have been wanted, priced at $2,150 every, plus $150ok per day for electrical energy, equating to an estimated price to assault the ETC community of $85 million.

Since 2018, hashrate on the Ethereum Classic community has dropped considerably. At current, it’s across the 4000 GH/s mark.

Ethereum Classic hash rate

Source: bitinfocharts.com

In addition, miners have grow to be far more environment friendly in current occasions, with Bitmain’s Antminer S19 Pro capable of hash 110 TH/s.

Read More:  Bitcoin Mining Difficulty Drops by 9%, Is Price About to Follow?

Decreasing community hashrate and rising miner effectivity meant Ethereum Classic was ripe for assault.

Possible Ethereum Classic Rollback within the Works

Recovering from this shall be tough as safety is the inspiration of any critical blockchain.

At the identical time, immutability ought to imply what’s completed is finished.

However, Binance CEO, Changpeng Zhao (CZ) right now tweeted that he had acquired an alert that Ethereum Classic try a community rollback to reverse the assault.

Just bought an alert of a roll again involving 4000+ blocks on ETC. Is this true?

Received this after the tweet 2h in the past. https://t.co/Ygtsq7PfPp

— CZ Binance (@cz_binance) August 6, 2020

Ethereum Classic took place on account of a neighborhood cut up on find out how to cope with a $50 million theft from a developer app on the Ethereum blockchain.

Some needed to roll the community again to return the Ether to the rightful house owners, others took the view that one of many major tenets of cryptocurrency is irreversibility.

Read More:  Bitcoin Open Interest Recovers Following Yesterday’s $30m Liquidation Spree

In 2016, Ethereum underwent a tough fork to switch the code and revert the hack. Whereas Ethereum Classic carried on because it was.

If CZ’s alert proves correct then it could be considerably ironic that Ethereum Classic builders selected to roll the community again.

Either approach, core builders want to think about long run methods to defend the community.

Otherwise, it gained’t be lengthy earlier than we hear a couple of third assault.

EditorialTeam

Add comment