[Breaking] Ethereum Classic (ETC) experiences a 51% Blockchain attack: what's going on?

Although this is not confirmed, there are some rumors that Ethereum Classic (ETC) may undergo a chain reorganization and has been hit by double-spending attacks. The information was released for the first time by SlowMist, a security company. As reported by BlockScout, the explorer of Ethereum Classic, it seems that the blockchain has undergone several reorganizations of blocks.

According to CoinNess.com, the blockchain security firm SlowMist warned that the ETC network could have been targeted by a 51% attack. Although the company did not provide much detail, the ETC community was alerted.

At the same time, the company advised cryptocurrency exchanges to increase security and protect its users. According to CoinMarketCap, Ethereum Classic has lost almost 4.5% of its price compared to BTC in the last 24 hours. In addition, its price in USD fell 6.17% in a few hours on 7 January.

The official twitter account of Ethereum Classic has informed that there have been several rumors about it, but they say that the network works normally. Furthermore, they mention that the "Reorg" section of BlockScout does not show anything about it.

There were rumors of a possible chain reorganization or double expense attack.

From what we can say that the ETC network works normally.

The "Reorg" section of BlockScout does not show anything whatsoever. Https: //t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK

– Ethereum Classic (@eth_classic) 6 January 2019

However, it is possible to see that several reorgs took place in the last hours after the information published by Ethereum Classic.

Ethereum Classic has also warned the exchanges on this situation and asked them to grant a significantly higher confirmation time on withdrawals and deposits.

For all exchanges and mining pools, please allow significantly higher confirmation times on withdrawals and deposits (+400)

cc @OKEx @ExchangeXGroup @HuobiGroup @digifinex @binance @bitfinex https://t.co/m5cxcKBVXa

– Ethereum Classic (@eth_classic) January 7, 2019

At the same time, Ethereum Classic warned in its Twitter account that a private ETC pool claimed more than 51% of Hashrate's network.

"The Chinese security company blockchain SlowMist has sent a warning that the Ethereum Classic (ETC) network may have been targeted by a 51% attack."

Exclusive: one $ ETC Private Pool Claimed over 51% of Hashrate Network – Reported through @SlowMist_Team https://t.co/Bshi6OWCaJ

– Ethereum Classic (@eth_classic) January 7, 2019

This does not seem very positive for Ethereum Classic. The ETC community was split over an acquisition attempt by the Digital Finance Group (DFG) in December 2018. DFG is responsible for ETC Labs and is one of the most active developers in the ETC network.

There is no information that this 51% attack is related to this situation that the community is experiencing or not.

At the time of writing this article, ETC is listed around $ 5.2 and has a market capitalization of $ 558 million.

You can see all the Reorg listed here: