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Ethereum Classic underwent an Attack 51%

01/10/2019
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The coin with a capitalization of more than $ 500 million, located in the second ten by capitalization, has undergone a hacker attack. Even on January 5, cases of double debiting were recorded at Coinbase. The site froze the movement of Ethereum Classic, and the token development team denied the problem. However, on January 9, it was forced to admit its existence.

Chronicle of the hacker attack on Ethereum Classic

The first talks about the attack on the blockchain appeared on January 5th. At that time, a deep reorganization of the blockchain was noted on the Coinbase exchange. At the same time, the network hash rate significantly increased. Up to 10 Th / s, while the standard value rarely exceeded 8.5 Th / s. However, the development team disowned these accusations. They stated that the network is operating normally.

But on Monday they recognized here - some problems exist. And they recommended increasing the number of transaction confirmations from 150 to 400. By that time, 8 cases of attempts to double debit funds had already been registered at Coinbase. According to experts, there was a risk of losing 88,500 ETC, which is about $ 460,000 at the current rate. It is difficult to assess the damage as the attacks continue, and the network hash rate fluctuates significantly.

But judging by the dynamics of the course Ethereum Classic, it is hardly worth talking about serious losses. Before the events began, the coin was worth $ 5.51, then dropped to $ 4.86. But then it grew to $ 5.04. It becomes clear that investors are fearful, but there is no panic on the market.

Who is to blame and what to do

The blockchain team believes that it could not be subjected to such a massive attack. And the growth of the hashrate associated with testing equipment of the company Linzhi Shenzhen. Allegedly, they are testing new ASICs, and because of this, there has been an influx of new capacity. But they deny their connection with these events. The total increase in more than 1.5 Th / s indicates the connection of very powerful equipment. And it is not clear where it came from.

The situation is extremely confusing and uncertain. Hashrate network fluctuations continue, which indicates the possibility of new attacks. However, transactions with the coin are in normal mode. Exchange platforms do not stop working with this asset.

Although they took precautions and increased the level of confirmation from the standard 150 to 400. This increases the waiting time during the transactions, but it provides complete security.

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