The losses caused by a 51 percent attack on Ethereum Classic have now passed the million-dollar barrier. This is backed up by updated figures released by the Coinbase cryptocurrency exchange.
Yesterday it was first reported that Ethereum Classic (the 18th largest cryptocurrency) succumbed to a 51 percent attack. In such an attack, a malicious miner collects the majority of the network hash power of a cryptocurrency. Afterwards, this influence is used to rewrite the data of the affected blockchain.
Yesterday, Coinbase announced that it had identified several cases in which the attacker exploited this majority. He carried out so-called “double spend” attacks with which usually crypto exchanges are attacked. Coinbase, however, said it was not a target.
Ethereum Classic Attack gets more expensive
Now the Coinbase programmers have released updated data. These show that the attackers had repeatedly carried out profound restructuring of the Ethereum Classic Blockchain. Of these restructurings, most were duplicated. Overall, the recognized double spend is 219,500 ETC (about $ 1.1 million).
So far, only the crypto exchange Gate.io has confirmed that it has suffered a loss by the Ethereum Classic hacker. According to a statement released on Tuesday, the attacker stole 54,200 ETCs worth about $ 200,000 at the current exchange rate. The Stock Exchange advised Ethereum Classic to make a radical change from proof-of-work (PoW) to proof-of-stake (PoS). This would prevent similar incidents from occurring in the future.
From the message:
Gate.io has increased the number of required confirmations for ETC transactions to 500. In addition, a more stringent detection software has been introduced for improved protection. However, we suggest that the ETC development team and the community build a new consensus mechanism (e.g., PoS) to better protect the ETC network from 51% attacks.
Ethereum Classic course ignores attack
Remarkably, the ETC rate has moved very little in the last 24 hours. Only 3.82 percent against the US dollar and 4.16 percent over Bitcoin he has dropped. This fact was not lost to many observers. Several of them found that a plethora of cryptocurrencies affected by 51 percent attacks could inexplicably preserve their value as much as possible.
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/update-from-bitcoin-boerse-coinbase-ethereum-classic-lost-to-51-attack-1-million-us-dollar/
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