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The greatest success ever produced by any cryptocurrency from the beginning of 2019 is Ethereum Classic [ETC] while suffering a brutal 51% attack causing a loss of $ 1.1 million of ETCs. In light of new evidence, there have been some "skeletons" crawling out of the closet.
According to independent research conducted by the "SlowMist" team, the attack was noted by them on January 6, 2019. However, Donald McIntyre, BDM of the Ethereum Classic states that the attack occurred in two phases . The first attack took place on 5 and 6 January and the second attack took place on 6 and 7 January.
As per SlowMist research, the hacker withdrew his ETC from the Binance exchange to multiple addresses that started on January 5, 2019, 19:58 UTC. [Binance Address: 0x3f5CE5FBFe3E9af3971dD833D26bA9b5C936f0bE].
The attacker then transferred it to two addresses, the first was "0x24fdd25367e4a7ae25eef779652d5f1b336e31da" and the second was 0x3ccc8f7415e09bead930dc2b23617bd39ced2c06.
The next address used by the attacker was a wallet on the Bitrue exchange. [Bitrue Address: 0x2c9a81a120d11a4c2db041d4ec377a4c6c401e69].
SlowMist in their quest mentions how the attacker successfully doubled 9000 + 4000 ETC and then tried to withdraw it, which was noted by Bitrue.
The attack was confirmed by the Bitrue exchange on a Twitter thread that explains in detail how they noticed 13,000 ETCs spending twice on their platform. Bitrue has confirmed that he has blocked the attacker from withdrawing his funds.
Source: Twitter | @BitrueOfficial
Bitrue also detected the attacker aka the "bad actor" miner using gastracker.io and discovered his address. As can be seen from the graph below shows how the miner has collected an absurd amount of hashes to himself / herself.
Source: gastracker.io
According to the data obtained by gastracker.io, the attacker had a percentage of hashes equivalent to 6524 GH / s [Gigahash per second], which represents approximately 78.15% of the total hash rate available for the entire Ethereum Classic network that works with the same hashing algorithm as Ethereum.
In addition, the attacker tried to double spend 600 ETCs in the transaction that was recorded in the block height – 7249357 and in the block height – 7249361. The Coinbase blog dated January 8, 2019, of Mark Nesbit, confirmed the attacks and the double expense of the striker.
The SlowMist blog stated:
"On the basis of continuous monitoring, we found that, in view of the increase in block confirmations and the prohibition of trade in malicious portfolio addresses by the exchanges, the attack of 51% of the attack on ETC is in UTC 2019-01-08 04:30:17 (Beijing time 2019-01- 08 12:30:17) has stopped after that "
The number, ie 219,500 ETC, remains the same, ie the total amount of ETC doubled by the attacker during the attack which lasted from 5 January 2019 to 7 January 2019.
C & # 39; was, however, a meeting led by Zach Belford, a chief developer of ETC that included members of the IOHK and ETC Labs Core teams, other ETC volunteer developers, the ETC cooperative, other community members in general. The meeting discussed a wide range of topics, focusing on how the attack occurred and solutions that could be introduced into the ETC blockchain or in mining to mitigate or stop such attacks.
One solution included increased confirmation time for transactions, while the others included an introduction to the new niche of the PoW mining algorithm that is exclusive to the ETC blockchain.
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