Ethereum Classic Labs to Seek Regulators’ Involvement to Protect the Network From 51% Attacks

Ethereum Classic developers plan to better protect the network from future 51% attacks by engaging regulators and by overseeing platforms that lease hashing power.

Ethereum Classic Labs to Pursue Enforcement and Regulation of Hash Rental Platforms. View the full statement: https://t.co/X2qqRaLmhZ

— Ethereum Classic Labs (@etclabs) August 31, 2020

The Ethereum Classic Labs team pointed to the NiceHash crypto-mining platform, which allegedly contributed to multiple attacks on the network.

The company said it would take “all steps necessary to protect the Ethereum Classic network”, including “lawsuits against those who carry out or facilitate malicious attacks”.

ETC Labs also intends to engage law enforcement and global regulators to ensure ‘accountability’ and ‘transparency’ of hash power rentals. It is claimed that attackers repeatedly purchased hash rate on the NiceHash platform to carry out 51% attacks.

In August, the Ethereum Classic network was subjected to three such attacks.

ETC Labs noted that they are already working with authorities in relevant jurisdictions, adding that they will provide further information as it becomes available.

Earlier, Ethereum Classic developers presented a plan to defend the cryptocurrency against new attacks.

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