Cryptocurrencies

Ethereum Classic (ETC) object of a 3rd attack 51%, the one too many? – Cryptocurrencies

We talked about the faint hope plan after the first 2 Ethereum Classic (ETC) attacks. Apparently, some lucky guys are entitled to a bonus, an extra life. What about this new 51% attack on ETC? If the exchanges start to crack down, this is the very structural basis of network security – its ability to unite a sufficiently large and committed community – who will be affected.

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51% attacks become classic for ETC

August 29, 2020 Ethereum Classic fell victim to yet another 51% attack bringing the number of blocks reorganized to over 7,000 since the first 2 attacks this month.

The attack was identified by the mining company Bitfly, who had also discovered that of the 1er august 2020.

A tweet fromETC Labs confirmed the incident while announcing that the team was investigating all possible solutions to resolve the issue.

Ethereum Classic ETC attack 51%

Source : Image via Twitter

A few weeks ago, ETC Labs had announced the establishment of an emergency plan to protect the network: this plan hinged around organizing the mining activity to maintain constant hashrate and increased surveillance of the network.

The organization estimates that the current hashrate was – 3% of the overall hashrate and admitted that the low rate significantly weakened network security.

Turbulence on the exchanges, zero shock on the markets

Many exchanges are considering a possible withdrawal from theETC off their list until sufficient improvements are made to network security.

OKEx is one of the first exchanges to have considered this measure after the first 2 attacks of this month of August 2020.

Coinbase has also adopted drastic measures by extending the deadlines for confirming deposits and withdrawals by 15 days.

The CEO of FTX, Sam Bankman-Fried, revealed to Coindesk that he was considering removing ETC perpetual futures from the derivatives platform.

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Surprisingly, the price of the cryptocurrency does not appear to have been affected by these attacks and is trading in a constant range of $ 6 to $ 8.

Cheat on me once, shame on you. Cheat on me twice, shame on me. Cheat on me 3 times, are we still here? How much value should we place on the umpteenth improvement promises of ETC Labs? Ethereum Classic must find a way to attract more miners, to stimulate competition between them, to avoid a 4th opus of this bad movie. Seduce or die!

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