Ethereum Classic (ETC) suffered a second attack of 51% in less than a weekwhich calls into question the current security of the network.
6th of August Etherchain.org tweeted The affiliated mining consortium Ethermine had disabled the ETC consortium’s payments after more than 4,000 blocks were reorganized in the last attack to Ethereum Classic.
It is not known if this is the same issue or a copycat attack inspired by the first attack.
The safety of ETC has been questioned
In response to the increased speed of 51% attacks on Ethereum Classic, Ethereum co-founder Vitalik Buterin, tweeted::
“”ETC should switch to evidence of use. Despite their risk-averse culture Right now, it seems less risky to take the leap than not to do it. “
Despite the apparent vulnerability of the Ethereum Classic network ETC is currently trading at $ 7.05, down just 1.5% in seven days..
Cost between $ 12,000 per hour for 51% attacks
In last week’s reorganization attack, a hacker generated a return of more than 2,800% on a $ 192,000 investment held by NiceHash’s rented hash, with the attacker doubling the spend from 807,260 ETC to a value of $ 5.6 million in less than 24 hours.
According to crypto51, 51% attacks can be launched against Ethereum Classic with NiceHash’s rented hashing power for only 12,028 per hour;; The platform currently has 32% more hashing power than is required to trigger the attack.
Ethereum Classic is one of 45 cryptocurrencies that are instantly vulnerable to 51% attack using only the hashing power rented from NiceHash. ETC also suffered a 51% attack in early January 2019.