Per the latest twitter report by Ethereum Classic Team(ETC), the blockchain might be hit by 51% attack or suffering from double spending problem. Due to this, the team has requested crypto exchanges and other mining pools for withdrawal and deposit confirmations.
There have been rumors of a possible chain reorganization or double spend attack.
— Ethereum Classic (@eth_classic) January 6, 2019
From what we can tell the ETC network is operating normally.
BlockScout’s “Reorg” section shows nothing of the sort.https://t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK
Consequences of 51% Attack
The concept of 51% Attack revolves around the longest chain in the network. Basically, if a miner has enough hash power, they can essentially rewrite a blockchain to suit their needs. They can pay for anything they want, it may be goods, services, or even other cryptocurrencies and then rewrite the history of the blockchain so that these transactions never actually happened.
Whats more, the market value of ETC is also affected by this incident. At the time of writing, price was $4.93 USD, which is 7.06 % down in past 24 hours as reported on CoinmarketCap
Despite this incident, the ETC team believes that everything looks fine. But as a precautionary measure, they have posted follow up the tweet asking mining pools and exchanges to require as many as 400 confirmations.
There have been rumors of a possible chain reorganization or double spend attack.
— Ethereum Classic (@eth_classic) January 6, 2019
From what we can tell the ETC network is operating normally.
BlockScout’s “Reorg” section shows nothing of the sort.https://t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK
As mentioned earlier, more the hash power more the chances of network to be corrupted. Probably, due to this reason the team was asking for more number of confirmations to reduce possibility of victimization.
Also, the tweet specifically highlighted the OKEx exchange considering a majority of transaction taking place over there.
Astonishingly, recent update indicates that the team has discovered the place from where the massive hash rate has originated. It appears that the miner was testing batch of new devices and engaged in selfish mining.
What do you think of this attack on ETC? Let us know in comment below