The Austrian cryptocurrency mining company Bitfly detected another 51% attack on the Ethereum Classic blockchain, which was the third incident this month. According to the initial report of Decrypt, the attackers managed to get a controlling share of the hashrate of ETC mining and use this to reorganize more than 7,000 blocks, which is equivalent to mining Bitfly in two days
Tough year for ETC
The mining company said that all lost blocks will be removed from the balance of the block chain, and checks are being conducted for discarded transactions.
It was also reported that the attackers managed to earn more than $ 9 million in double transactions, which were mainly made on the OKEx cryptocurrency exchange.
As already noted, this is the third time that the Ethereum Classic network has been hacked in a 51% attack. Developers serving the ETC network are considering a number of improvement proposals to better protect the blockchain from hostile takeovers.
In 2020, Ethereum Classic was subjected to a total of four attacks of this kind. The 2015 hard fork of the world’s second-largest cryptocurrency, Ethereum, has long been vulnerable to these hacks.
A 51% attack becomes possible when an object or group of attackers can rent enough power to control more than half of the network’s hashrate. Attackers can then effectively control the block chain and double costs by holding and modifying transactions.
