Today, BitFly and Binance reported another 51% attack and reorganize more than 4,000 Ethereum Classic blocks in order to conduct double spending.
Companies suspended all payments in ETS, and also frozen current deposits. To combat an attacker, the project developer team also called on all miners and pools to synchronize their actions, and the exchange recommended temporarily block the possibility of entering and withdrawing cryptocurrencies.
Today’s attack led to the largest reorganization of blocks in the history of Ethereum Classic. In addition to the very fact of hacking, doubts about the current network security causes the fact that this is the second major change in blockchawing in the last week.
On August 1, Bitfly reported a consistent reorganization of 3693 blocks. Despite the initial statement of the head of ETC Labs that the changes occurred randomly due to technical problems in one of the miners, further proceedings confirmed the fact of malicious actions and double spending over 800 thousand ETC in the amount of about $ 5.6 million.
According to Bitquery researchers using the Nicehash service, Hacker rented computing power, and after the reorganization, the received funds received on the OKEX stock exchange. It was estimated that the attack was spent only about 17.5 BTC or $ 204 thousand, the profitability exceeded 2700%.
Analysts believe that in two these attacks, 51% is the same subject.
Due to serious safety issues, Vitalik Biderin recommended the Ethereum Classic team to translate the project on the Proof of Stake algorithm.
Despite the next reorganization, over the past 24 hours, the course has not changed practically and at the time of publication is $ 7.1 with a daily decrease of 0.85%.
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