$5.6 Million Dual Spent: ETC Group Ultimately Recognizes the 51% Assault on Network

$5.6 Million Dual Spent: ETC Group Ultimately Recognizes the 51% Assault on Network 2

The Ethereum Traditional (ETC) blockchain network shed $5.6 million to one miner complying with a 51% assault originally believed to be a chain split.

Throughout the assault, the angering miner handled to double-spend 807,260 ETC ($ 5.6 million) after investing 17.5 BTC or $200,000 (sometimes of creating) to get the hash power for the assault.

The ETC group originally released a declaration encouraging its customers to stop communications with the network while rehabilitative actions were taken.

At the time, among the designers at ETC, James Will certainly firmly insisted the occasion “was not a 51% attack” while worrying that the “offending miner went offline and was using old client software.”

The examination by Bitquery currently disproves ETC group’s preliminary concept.

According to Bitquery, the enemy “mined 4280 blocks for four days.” It includes that “he did only a little mining before and stopped mining after the attack.”

In outcome, the miner “sent all the mining reward money (13K ETC ) to address 0x401810b54720faad2394fbe817dcdeae014066a1, where it resides at the time of writing.”

$5.6 Million Dual Spent: ETC Group Ultimately Recognizes the 51% Assault on Network 3$5.6 Million Dual Spent: ETC Group Ultimately Recognizes the 51% Assault on Network 4

Bitquery’s record supplies a timeline of exactly how the innovative assault unravelled in addition to the identification of the crypto exchange made use of by the miner to promote the assault.

On The Other Hand, the ETC group currently recognizes the occasion remains in truth a strike. In a declaration released late on 5 August the group claimed:

Today one more huge 51% assault happened on ETC which triggered a reconstruction of over 4000blocks Till more notification ETC swimming pool payments are handicapped and also we motivate all our miners to switch over to our ETH swimming pool in the meanwhile.

Participants of the ETC group likewise claimed, “in light of recent network attacks, it is recommended that all exchanges, mining pools, and other ETC service providers significantly raise confirmation times on all deposits and incoming transactions.”

$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

On The Other Hand, ETC Cooperatives claims its supervisor of designer relationships, Yaz Khoury will certainly be functioning Bitquery to discover out “more about the recent attack, including the attacker’s addresses, origin of hashpower, the flow of funds, and more important details.”

In 2019, ETC endured a comparable assault triggering some exchanges like Coinbase to instantly discontinue communications with the blockchain.

What do you think of the most up to date assault on ETC? Share your ideas in the remarks area listed below

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