Ethereum Classic Suffers 51% Attack Again: Delisting Risk Amplified

Beleaguered Ethereum Classic (ETC) blockchain suffered yet one more 51% assault on August 29. The newest assault brought on the reorganization of over 7,000 blocks and this corresponds to roughly two days of mining. On the time of reporting, it was not clear if there had been any double-spending as was the case within the final assault. In that assault, it was reported that the Okex trade suffered a lack of $5.6 million instantly in consequence.

An announcement revealing the assault provides that “all misplaced blocks shall be faraway from the immature stability and we’ll test all payouts for dropped transactions.”

In the meantime, of their preliminary feedback on the most recent assault, builders engaged on ETC are attributing ongoing assaults to the community’s identified vulnerabilities.

“ETC is ~three% of the general ETH community hash fee. We’re properly conscious of potential repeated assaults whereas options similar to “reorg caps” and the following ECIPs are being examined and evaluated. In the event you haven’t already please enhance (which most have) please elevate confs above ~10Ok,” reads a Twitter assertion from the principle ETC workforce.

Moreover, the assertion urges miners, exchanges, and different service suppliers to maintain “affirmation necessities ranges properly above 7k for now.”

In the meantime, the timing of the most recent assault is definite to boost eyebrows. The newest community assault, which is the third time this has occurred in a month, occurred shortly after some neighborhood members had introduced the addition of two new Ethereum Classic Enhancements Proposals (ECIP).

Proposed by Enter-OutputHK, the primary ECIP introduces a checkpoint system to forestall the opportunity of one other assault whereas the second proposes a decentralized treasury.

Nonetheless, following the final assault, the ETC neighborhood had been break up on the way in which ahead and significantly over the second proposal. After heated exchanges, it seems the Charles Hoskinson’s camp, which favors the controversial proposition, has prevailed.

Ethereum Classic Suffers 51% Attack Again: Delisting Risk Amplified

Apparently, nonetheless, information of the most recent assault seems to have had a bit of impact on the ETC worth. On the time of writing, the ETC traded at $6.71 marginally down from the $6.74 at across the time the breach was found.

Nonetheless, there’s a actual chance that some exchanges will delist the token following this assault. Okex has already said that it’s going to “think about delisting ETC, pending the outcomes of the Ethereum Classic neighborhood’s work to enhance the safety of its chain.” The newest assault would possibly now pressure the trade to behave on the menace.

Do you suppose the ETC neighborhood is doing sufficient to cease these assaults? Share your ideas within the feedback part.

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