Crypto Scams

Twiterrati in a frenzy over alleged 51% Attack on Ethereum Classic

Ethereum Classic

The previous night, the official Ethereum Classic team noted that alleged chain reorganization and double spend attacks were going on. Subsequently, they have asked crypto exchanges and ETC mining pools to acquire confirmations for withdrawals and deposits. However, the team observed that the ETC network is functioning properly.

Double Spends and Chain Reorganization

A chain reorganization occurs when a client in most blockchain designs discovers a longer chain which disregards blocks it had previously processed. The longest chain  ultimately wins. It is one of the rules of decentralized networks.

51% attacks are based on the concept of the longest chain. If a miner has enough hash power, they can essentially rewrite a blockchain to suit their needs. While carrying out a  51% attack on the Bitcoin network is an exorbitantly lavish affair, it is nt the same case with ETC. It does not have the massive hashpower that Bitcoin and Ethereum have.  At press time it had a miniscule 8.8 TH. Whereas Bitcoin, has over 39 millionTH at time of writing. Ethereum also has a has power of 190 TH.

Ethereum Classic

Exchanges Put on Notice

Interestingly, Ethereum Classic team says that everything is on order still they asked mining pools and exchanges to take as many as 400 confirmations.

The community specifically tagged OKEx, the exchange where most of their volume takes place, along with some others. Compared to other cryptocurrencies, however, Ethereum Classic trading is pretty evenly spread across exchanges. 

Ethereum Classic

Increasing the number of required confirmations reduces the likelihood of victimization. It takes more hashpower for each additional block a nefarious miner wishes to republish or erase from the blockchain. Ethereum Classic comes from a hard fork surrounding an early bug in Ethereum. Likewise, the legendary DAO Hack led some Ethereum community members to disagree with the decision to hard fork and preserve the original chain. 

Also Read: Bitcoin surges above $4,000, Litecoin beats Stellar to grab 6th position

The Ethereum Classic Twitter account later posted an update that may provide clarity on the situation. The post claims that a crypto mining manufacturer was testing out a batch of new devices and engaged in selfish mining.

Also Read: Placeholder Co-founder says ” Everyone’s Forgotten about Bitcoin and Why That’s Okay”

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