” 51% attack ” that illegally tamper the database on the Ethernet chain classic (ETC) of the block chain platform was confirmed.
According to Bitfly’s investigation, more than 100 blocks have been illegally altered in this attack, and many occurrences of “isolated blocks” are reported even in mining pools, for example.
We recommend confirm that there was a successful 51% attack on the Ethereum Classic (# EtC) network with multiple 100+ block reorganization. We recommend all services to closely monitored the chain and extremely increased required confirmation.
– Bitfly (@ etherchain_org) January 7, 2019
In response to this situation, the official Twitter account of the Essaram Classic calls on each exchange and mining pool to increase the number of required block approvals to 400 to 4000 .
51% attack refers to the act of a minor (individual or group) holding more than 51% of the hash power (processing capacity) on the block chain network to create a chain that is convenient for himself .
This attack is used for illegal acts called double spending , which means that after transferring the cryptographic currency, it creates a chain that does not contain that transaction, it decides ” there was no remittance (= reimburse amount sent) ” .
Normally, if a branched chain exists, the longest chain is chosen as legitimate, so a person attempting double sprinding needs to find the block faster than the other minor.
This method is called “51% attack” because more than 51% of the hash power on the network is needed to maximize the sticky chain.
Since 51% attack is a hacking method using oligopoly of mining power, it is possible only with block chain using proof of work (PoW) consensus.
In addition to the Essarum Classic, Monacoin (MONA) and Barge (XVG) etc were damaged by 51% attack last year.
In Japan, coincheck is currently stopping depositing and withdrawing ETC as a recommendation of attention by 51% attack of this time ETC.
【About ETC deposit and withdrawal】
Currently, it is recommended to raise the number of Confirmation from the official account of EthereumClassic 51% from the concern of attack, Temporarily suspended the deposit and withdrawal of ETC from about 8:50 AM to protect customer assets We are.
– Coincheck (coin check) (@ coincheckjp) January 8, 2019
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/etc-51-percent-attack/
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