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Despite security measures, Ethereum Classic suffers another 51% attack

Ethereum classic

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Reports making the rounds have claimed that Ethereum Classic has suffered yet another 51% attack which has made it three times this month.

The new 51% attack is coming just a few days after the second attack amid the promise of new security measures promised by the developers. It should be noted that the Ethereum Classic was formed when the Chain split happened in 2016. 

The Ethereum Classic Labs has earlier promised to step up security after they launched a plan that involved an immediate and future plan that would seek to stop the attacks. A 51% attack is said to occur anytime an individual entity has enough combined hash power to take control of mining operations.

Ethereum suffers another 51% attack

If an entity takes control over the activities of the Ethereum Classics blockchain, it has the sole power to double spend. In a tweet that was posted by the analysis website, Bitfly, about 7,000 blocks were rearranged on the blockchain on 29 August. 

Before that, a reorganization happened on the blockchain on August 1 and 6 respectively. The first incident saw the hacker take away nothing less than 807,260 ETC which was worth about $5.6 million. He carried out this activity by investing about $192,000 in Nicehash, a private company that provides hash power.

Ethereum Classic Labs unveils long term solution

Despite the attacks that have taken place, data from CoinMarketCap still shows that Ethereum Classic has only gone down by 1.73%. This means that traders have already moved on from the 51% attack events that took place already. 

Around last week, the developers of the coin announced the unveiling of the measures that would eliminate future reorganizations on the blockchain. 

One of the methods was the defensive mining feature and another feature that requires cooperating with digital assets exchange. To curb the reorganization on a long term basis, the developers said they were planning to alter the mining algorithm on the blockchain.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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