Ethereum Classic had another attack scare

2020-8-4 15:27

Panic broke out as a glitch was mistaken as a potential 51% attack on the Ethereum Classic blockchain

The beginning of August has brought mayhem for Ethereum Classic investors, with problems for users and exchanges. Deposits and withdrawals were halted after tweets from various prominent members of the community warned of serious problems.

Shortly after the issue was identified, it was revealed that a sudden 3,000 block-insertion by an offline miner using obsolete software continuously for 12 hours caused the chain to split.

According to hackmd.io, the diagnosis is as follows,

“There was about 3,000 block-insertions by a miner who was mining (either offline or there) total difficulty could have exceeded current network difficulty…All Ethereum Classic Parity/OpenEthereum nodes couldn’t handle about 3,000 block reorg from the Core-Geth chain, so there was a chain split which made the network unstable”

The diagnosis confirmed that the reorg was an honest mistake, and ended by warning miners to keep, “mining the chain as-is”.

What is a 51% attack and why is it a problem?

At the beginning of the chain reorganisation, all signs bore a resemblance to a 51% attack on the blockchain.

However, blockchain is not perfect as there is a serious flaw in the proof-of-work model. Rewards are given to miners when a block is finalised, which is then immediately cross-checked by the decentralizing ledger to prevent double-spending.

If a majority of miners with over 50% the entire system’s mining power eventually prevent the public ledger from verifying transactions, they can reverse past transactions without the system interfering.

Furthermore, a 51% attack could be used to gain a monopoly over new blocks and reap the rewards for themselves. However, the diagnosis confirms that no double-spending occurred and the Ethereum Classic blockchain appears to be on the mend.

This has happened before

The incident was met with fear and speculation, as there were warnings of an alleged 51% attack in January 2019. ETC developers quickly dismissed it as a side effect of a powerful ehash machine.

Shortly thereafter, Coinbase halted ETC transactions, because it had detected a 51% attack and also double-spending. In its release, Coinbase stated, “We have identified a total of 15 reorganizations, 12 of which contained double spends, totalling 219,500 ETC (~$1.1M)”.

The post Ethereum Classic had another attack scare appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum Classic (ETC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $33.89
Капитализация $0 Rank 99999
Цена в час новости $ 7.2137 (-100%)

attack ethereum scare classic another had journal

Источник: coinjournal.net

attack ethereum → Результатов: 126


Ethereum Classic (ETC) 51% attack proof that shitcoins have no hope of succeeding?

On January 7th, the story broke about Ethereum Classic, the less popular result of the much-publicized post-DAO-hack Ethereum hard fork, suffering a 51% attack. After more than 200 thousand ETC ended up being stolen through double spending attacks and transaction reversal, ETC development team reacted and promised to look into a solution to what appears […] The post Ethereum Classic (ETC) 51% attack proof that shitcoins have no hope of succeeding? appeared first on CaptainAltcoin.

2019-1-9 12:57


Gate.io возместит $200 000, потерянные пользователями из-за атаки 51% на Ethereum Classic

Представители Gate. io заявили, что биржа покроет убытки на примерно 40 тысяч ETC (около $200 тысяч), которые понесли ее пользователи из-за продолжающейся «атаки 51%» на блокчейн Ethereum Classic. [https://t.

2019-1-8 22:46


Coinbase Forced to Suspend Ethereum Classic Trading After 51% Attack

Ethereum Classic, the original unforked Ethereum blockchain, has suffered a 51% attack resulting in nearly half a million dollars worth of double spends according to Coinbase. Coinbase detected the deep chain reorganizations over the weekend, forcing the cryptocurrency firm to freeze all Ethereum Classic transactions on their trading platforms and other products and services.

2019-1-8 23:00


Bitcoin Ransomware: The U.S. Indicts Iranians Over $6 Million Cryptocurrency Cyber-crimes

The U. S. Justice Department recently announced the indictment of two Iranians involved in a high-profile Bitcoin ransomware attack. Iranian Hackers Collect Bitcoin as Ransom According to a report by The Washington Post, the Justice Department of the United States on Wednesday (November 28) announced the indictment of two Iranian nationals involved in cryptocurrency ransomware attacks, […] The post Bitcoin Ransomware: The U.

2018-11-29 12:16


Фото:

A Bug Making Ethereum Transactions on Exchanges Vulnerable Has Been Fixed

A bug centering around a new Ethereum token, GasToken, which was enabling abuse on cryptocurrency exchanges, appears to have been resolved. The details are provided in a report originally published on November 13, 2018, that discussed how the bug was exploited by attackers, and what digital platforms could do if they wished to protect their hot wallet funds.

2018-11-22 00:34


$7.8M In Cryptocurrency Disappears From Trade.io “Cold Storage”, Hackers Implicated

Switzerland-based Trade. io Suffers Devastating Hack, Cold Wallet Affected In hand-to-hand fist fights, it is not like gentlemen to kick their opponents while they are already down. However, in the emerging cryptocurrency market, which has been bashed by violent sell-offs in the past nine months, malicious actors still seem poised to attack, hack, and steal from […] The post $7.

2018-10-23 03:28


It Costs $20 to Launch a 51 percent Attack on Einsteinium and Less than $200 to Force a Hard Fork in Feathercoin

There is this other side of crypto. It’s dark and full of dead coins. It keeps piling up every time ETH or BTC print lower. Though the market is expecting a rally with Ran Neur listing a couple of indicators to justify his bullish stand, Einsteinium coin creators and “community” should be having a hard […] The post It Costs $20 to Launch a 51 percent Attack on Einsteinium and Less than $200 to Force a Hard Fork in Feathercoin appeared first on Ethereum World News.

2018-10-9 14:59


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Can Ethereum Classic's Golden Cross take ETC's price to $40?

ETC hit its highest price in over six months. It has continued to trend upward after hitting a critical price level. Ethereum Classic [ETC] is gaining attention after achieving a "Golden CroThe post Can Ethereum Classic's Golden Cross take ETC's price to $40? appeared first on AMBCrypto.

Ethereum Classic rises 10% in 24 hours: Is $35 the new target for ETC?

Ethereum Classic rose by over 10% in the last 24 hours. Metrics signaled a potential bullish continuation for the altcoin. Ethereum Classic [ETC] looks to have gained investor favor once agaThe post Ethereum Classic rises 10% in 24 hours: Is $35 the new target for ETC? appeared first on AMBCrypto.

Will Ethereum Classic (ETC) hit $30 as price reaches six-month high?

Ethereum Classic (ETC) has captured significant attention in the cryptocurrency market, climbing to a six-month high of $28. 16. This surge has been driven by a mix of technical factors and broader market developments, positioning the Proof-of-Work blockchain as a key player in the current crypto rally.

Ethereum Classic: Assessing the odds of an ETC rally before October ends

ETC eyes a rally as bullish momentum builds. Short position takers dominate 54.6% of the market supply, but increasing social activity could tip the balance. Ethereum Classic [ETC] has caughThe post Ethereum Classic: Assessing the odds of an ETC rally before October ends appeared first on AMBCrypto.

Ethereum Classic's 2024 - Here's what you should expect from its price

Ethereum Classic (ETC) flashed a general downtrend with decreasing price highs and lows, coupled with diminishing trading volumes A bearish 'death cross' suggested a potential long-term downtreThe post Ethereum Classic's 2024 - Here's what you should expect from its price appeared first on AMBCrypto.