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Ethereum Classic Experienced its Second 51% Attack in a Week

Ethereum Classic (ETC) experienced its second 51% attack in roughly a week, after the Ethermine pool’s parent entity Bitfly reported that 4000 blocks had been reorganized on August 6. The amount stolen is currently unknown. This is the second attack on ETC in roughly a week.

  • Unknown amount stolen, with $94,000 in block rewards claimed
  • Attacker used $192,000 worth of BTC to gain network hash power
  • First attack occurred between July 29 and August 1, with $5.6 million worth of ETC stolen
  • Binance has suspended all ETC deposits and withdrawals
  • Vitalik Buterin has said that ETC should perhaps move to Proof-of-Stake (PoS)
  • Ethereum Classic’s network difficulty rate and hash rate have dropped by 11.90% and 18.65%
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