Home Alt Coins Ethereum Classic Losses Top $1 Million after 51% Attack: Coinbase

Ethereum Classic Losses Top $1 Million after 51% Attack: Coinbase

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Losses stemming from an ongoing 51 p.c assault towards Ethereum Classic have now breached the million-dollar barrier, in response to up to date figures printed by cryptocurrency trade Coinbase.

Ethereum Classic Attack Grows More Costly

CCN first reported yesterday that the 18th-largest cryptocurrency appeared to have turn into the newest blockchain community to succumb to a 51 p.c assault, whereby a malicious miner accrues a majority of the community hashpower and makes use of it to rewrite latest blockchain information.

At the time, Coinbase announced that it had recognized a number of cases the place the attacker exploited that majority hashrate to execute double spend assaults, that are usually directed towards cryptocurrency exchanges (Coinbase mentioned it was not focused).

Now, Coinbase engineers have printed up to date information which signifies that the attackers had efficiently executed “repeated deep reorganizations of the Ethereum Classic blockchain, most of which contained double spends.” Altogether, the agency mentioned, “value of the double spends that we have observed thus far is 219,500 ETC (~$1.1M).”

So far, solely cryptocurrency trade Gate.io has come ahead to verify that it misplaced funds to the Ethereum Classic hacker. According to a statement printed on Tuesday, the attacker absconded with 54,200 ETC, value round $200,000 on the present trade fee. Notably, the trade suggested Ethereum Classic to undertake a radical change from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS) to forestall related incidents from occurring sooner or later.

From the put up:

Gate.io has raised the ETC affirmation quantity to 500 and launched a brand new strict 51% detect for enhanced safety. However, we advise the ETC dev group and the group construct a brand new consensus mechanism (PoS for instance) to raised defend ETC community from 51% assault.

Ethereum Classic Price Ignores Network Breach

Remarkably, the ethereum classic price has seen little or no motion over the previous 24 hours, declining simply 3.82 p.c towards the US greenback and 4.16 p.c towards bitcoin. This reality was not misplaced on many observers, a number of of whom famous that quite a lot of cryptocurrencies exploited by 51 p.c assaults have inexplicably managed to retain vital financial worth after assaults have uncovered safety vulnerabilities.

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