Ethereum Classic, a 2016 hard fork from Ethereum’s main blockchain, has suffered multiple concerning network attacks over the last two years. Two such attacks occurred within a seven-day span, totaling millions of dollars in losses. With the dust settling from the two 51% attacks, further details are now coming forward, as provided by a number of industry experts. “There is no debate about the attacks,” ETC Labs CEO Terry Culver told Cointelegraph on Aug. 7, answering a question on whether or not the network difficulties were in fact 51% attacks. “Community members shared the most accurate information available as quickly …

ETC is facing delisting from OKEx in the wake of a 51% attack that cost the exchange $5.6 million. According to a report recently released by OKEx, the perpetrators registered five accounts between June 26 and July 9, 2020, subsequently depositing 68,230.02 ZEC (worth more than $5 million) on their platform. On July 31, the attackers exchanged their ZEC holdings for 807,260 ETC and withdrew it from the exchange. The on-chain process of the initial 51% attack on Aug. 1. Source: community enthusiasts On the same day, the attackers began creating a “shadow chain” using their newly acquired hashrate. At …

Charles Hoskinson presented his idea for a decentralized treasury protocol to the Ethereum Classic (ETC) community during a Discord call on August 13. Hoskinson, who is the founder of Cardano (ADA) and one of the co-founders of Ethereum, strongly believes that setting up an independent source of funding for development and innovation can ensure the prosperity of ETC. Hoskinson’s proposal to change ETC’s block reward allocation would mean that instead of rewards going entirely to the network’s miners, blocks would allocate a portion of every reward to a newly-created decentralized treasury. This treasury would then be used to finance future …

Cardano (ADA) founder Charles Hoskinson recently offered to help the troubled Ethereum Classic (ETC) community, but it came with a major condition. The community would first have to institute a decentralized treasury system, similar to Hoskinson’s Cardano and many other blockchain projects. If the community did not accept his terms, Hoskinson felt like his help would have been a waste of time and money: “It's not worth my company's time or our strategies to pivot for a grant or a one off payment to go and bail us out. If there is a treasury system, it means that I can …

In a Core Devs meeting on Friday, Ethereum (ETH) developers discussed potential measures that could be taken to prevent successful 51% attacks from occurring. The discussion was inspired by this week’s 51% attacks on Ethereum Classic (ETC) — a network that represents the original state of Ethereum where the consequences of the DAO hack in 2016 were not reverted. The original attack, which occurred between July 31 and Aug. 1, was revealed to be a carefully orchestrated attempt at a double-spend that netted over $5 million in ETC to the attacker for a $200,000 investment in hashpower. During the call, …

After suffering two major blockchain reorganizations over the past week, Ethereum Classic (ETC) has seen its hash rate plummet — exacerbating the risk of further 51% attacks targeting the network. As a consequence of the ETC’s miner capitulation, the estimated cost of executing a 51% attack targeting Ethereum Classic using hash power rented from NiceHash has fallen from $12,000 per hour as of yesterday to less than $4,000, according to Crypto51. Despite this, the price has been unaffected by the apparent fragility of the network, with the crypto asset actually gaining more than 2% over the dollar since news of …

Ethereum Classic (ETC) has suffered a second 51% attack in less than one week, bringing the ongoing security of the network into question. On Aug. 6, Etherchain.org tweeted that its affiliated mining pool Ethermine had disabled ETC pool payouts after more than 4,000 blocks had been reorganized in the latest attack on Ethereum Classic. It is not known if it is the same issue or a copycat attack inspired by the first attack. ETC’s security called into question In response to the increasing velocity of 51% attacks targeting Ethereum Classic, Ethereum co-founder Vitalik Buterin tweeted: “ETC should just switch to …

A recent 51% attack that impacted Ethereum Classic (ETC) is believed to have resulted in approximately $5.6 million worth of the cryptocurrency being double-spent. A report published by Aleksey Studnev of blockchain forensics firm Bitquery on August 5 has revealed the extent of the incident, with Bitquery estimating that the attacker made off with 807,260 ETC. The report estimates the hacker reaped more than a 2,800% return for his efforts, having spent roughly 17.5 Bitcoins (BTC) worth $192,000 on renting hash power from Nicehash to execute the attack. The report contradicts initial theories suggesting that the blockchain reorganization may not …

On August 1, several figures associated with Ethereum Classic (ETC) took to Twitter to inform the community of issues with the ETC blockchain. Among the first was Ethereum Foundation member Hudson Jameson who stated that: “Exchanges need to pause deposits and withdrawals.” The official Twitter page of ETC and James Wo, founder of Ethereum Classic Labs, both confirmed the issue. A Diagnosis report was soon released to explain that the offending miner was identified. The report added that miners should “Continue mining the chain as-is,” adding that any transactions issued during the previous 12-hour period were possibly not mined in …

Alternative cryptocurrencies, or altcoins, have started to record large gains across the board. Some small-cap coins have seen triple-digit percentage gains in recent weeks. But several larger-cap cryptocurrencies have also been posting serious gains such as VeChain (VET), Stellar (XLM), Cardano (ADA) and Chainlink (LINK). Cryptocurrency market performance in the past 7 days. Source: Coin360 Top ten top performers in the crypto market in the past week In the past week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO and ETC outperformed the rest of the market including Bitcoin, which gained just 1.13% during the period. The chart below …

When the price of an asset does not reverse direction from a critical resistance, it indicates that some traders are holding onto their positions in anticipation of a breakout. For the past month, Bitcoin (BTC) has been repeatedly revisiting the $10,000 levels and even though the bulls have not been able to sustain above this level, they have not given up much ground either. This suggests that traders are accumulating on dips and not closing their positions at $10,000. This is a bullish sign and it increases the possibility of a breakout above the resistance in the short-term. Crypto market …

Ethereum Classic, the twin sibling of the Ethereum network, performed its scheduled Phoenix hard fork on May 31, which included features from Ethereum’s earlier Istanbul fork. The upgrade means that the two networks share virtually the same protocol, and are thus fully intercompatible. The hard fork was scheduled for block 10,500,839, which was mined at 8:00 p.m. Eastern time on May 31. The fork is the third in a series of recent upgrades aiming to bring Ethereum Classic in line with its more popular sibling. In December, the Agharta fork ported Constantinople features to ETC, while Atlantis was activated earlier …