Ethereum Classic hit by another 51% attack

The Ethereum Classic network has again come under a 51% attack. This was reported by Bitfly, operator of the Ethermine mining pool.

Today another large 51% attack occurred on the #ETC network which caused a reorganization of over 7000 blocks which corresponds to approximately 2 days of mining. All lost blocks will be removed from the immature balance and we will check all payouts for dropped txs.

— Bitfly (@etherchain_org) August 29, 2020

According to expert calculations, the depth of the reorganization was 7,000 blocks, roughly two days of mining.

“All lost blocks will be removed from the unconfirmed balances. We will also check all payouts for dropped transactions,” emphasized Bitfly representatives.

The Ethereum Classic team recommended miners, exchanges and other services to maintain transaction confirmation requirements at least 7,000 for the time being.

While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels.

To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now. https://t.co/l6nwIy5mL2

— Ethereum Classic (@eth_classic) August 29, 2020

Developers added that ETC’s current hashrate accounts for around 3% of Ethereum’s total computing power.

ETC is ~3% of the overall ETH network hashrate. We are well aware of potential repeated attacks while solutions such as «reorg caps» and the subsequent ECIPs are being tested and evaluated.

If you haven’t already please increase (which most have) please raise confs above ~10K.

— Ethereum Classic (@eth_classic) August 29, 2020

As reported, a series of 51% attacks on the ETC network occurred in early August. Analysts valued the losses from the first attack at $5.6 million, and the second at $1.68 million.

Earlier, Coinbase increased the deposit confirmation time for Ethereum Classic, and OKEx stated a possible delisting of the coin.

Recently, Ethereum Classic developers prepared a number of proposals aimed at protecting the network from such attacks.

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