Ethereum Classic [ETC] blockchain suffered another 51% attack recently on Saturday evening, which is indeed a 3rd such attack just within this month, revealed by Bitfly mining firm.
The attack reorganized over 7k blocks, or two days’ worth of mining, consistent with a recent official tweet shared by Bitfly. The primary two attacks reorganized 3,693 & 4,000 blocks respectively.
However, a renowned organization behind the Ethereum Classic network, ETC Labs, revealed its strategy to guard the network against additional attacks last week, along with defensive mining that’s intended to stabilize the network’s plummeting hash rate & thereby prevent future 51% attacks.
In line with Stevan Lohja, technology coordinator at ETC Labs, the timing of the attack are “very suspicious” as it came just after a day gathering of Ethereum Core developers regarding “aggressive innovation” within the blockchain’s PoW protocols.
ETC Cooperative, another prominent foundation supporting the network’s development, took to Twitter following Saturday’s attack adding that “We are aware of today’s attack & are working with others to check & evaluate proposed solutions as quickly as possible.”
After the primary two attacks, exchange OKEx responded by adding that it’ll consider delisting the asset due to the network’s severe lack of security issues. Coinbase also took drastic measures by extending deposit and withdrawal confirmation times for Ethereum Classic to roughly 2-weeks.
Now after the recent attack, the renowned cryptocurrency derivatives exchange FTX will reconsider its ETC perpetual futures contracts, consistent with CEO Sam Bankman-Fried. He added that this is often so even though FTX doesn’t support spot trading, as well as the cryptocurrency network’s insecurity, has less of an immediate effect on the dangers of offering futures trading.
The crypto asset seems largely unaffected by the series of attacks, trading at $6.86 USD eventually after the hack, but is trading 4% below its price after the second attack.