Posted on: September 2020 Posted by: Wolfgang Comments: 0

August has been a tough month for Ethereum Classic (ETC), especially after suffering his third attack yesterday. Here are some details about what happened.

What happened with the Ethereum Classic attack?

The Ethereum Classic Blockchain suffered a 51% attack this August 29th. This would be the third such attack during this month, observed by the mining company Bitfly. The first occurred on August 1.

Specifically, the attack reorganized more than 7,000 blocks, or two days of mining, according to a tweet shared by Bitfly. The first two attacks reorganized 3,693 and 4,000 blocks respectively.

It is worth noting that one of the main organizations behind the Ethereum Classic network, ETC Labs, announced last week its strategy to protect the network from additional attacks, including defensive mining that aims to stabilize the network’s downfall and resist future attacks.

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What have the developers said about it? What are the consequences?
ETC Cooperative, a foundation that supports the development of the network, expressed a small statement via Twitter after what happened. „We are aware of today’s attack and are working with others to test and evaluate the proposed solutions as quickly as possible.

As for the consequences, Ethereum Classic may not be acceptable on some prominent exchanges, such as OKEx.

Even before this third attack, this exchange was considering removing the asset due to a serious lack of network security. Coinbase also took drastic measures by extending the deposit and withdrawal confirmation times for Ethereum Classic to approximately two weeks.

Ethereum Classic (ETC) appears to be largely unaffected by the series of attacks, trading at US$6.60 at the time of writing. This represents a loss of 0.97% compared to yesterday, but less than 4% below its price during the second attack.

In this way, Ethereum Classic has traded between US$ 6 and 8 for almost the whole month of August. We’ll have to wait and see how this crypto-currency team deals with ETC’s security vulnerabilities.

If these events continue, it is likely that more Immediate Edge exchanges will take measures such as eliminating their offer on these platforms.