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History Repeats Itself: Ethereum Classic network hacked using 51% attack

The Ethereum Classic (ETC) network has endured a 51% attack repeatedly. Last August 6, Bitfly tweeted that its Ethermine mining pool has disabled ETC transactions following reconstructing above 4,000 blocks.

Ethereum creator Vitalik Buterin addressed in a comment following a Bitfly tweet:

“ETC should go Proof-of-Stake. Even with a culture of risk aversion, this transition seems less risky at this point than giving it up. ”

Notwithstanding the potential weakness of the network, ETC is presently trading at $ 7.09.

As claimed by Bitquery, the attack last week left the hacker to steal over 2,800% of the property in renting a hash rate of $ 192,000 from NiceHash.

The criminal double-spent 807,260 ETC ($ 5.6 million). A 51% attack can be launched against Ethereum Classic utilizing NiceHash leased power for as limited as $ 15,677 per hour.

The Ethereum Classic system had previously been hit by a 51% attack last year.

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