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Cryptocurrency prices Today, January 11: Cryptocurrencies Continue to decline

An operator of the Ethereum Classic mining pool he confirmed that a 51% attack hit the ETC network on 7 January. This attack refers to a malicious attack on blockchain when hackers got more than 50% of network hashrates.

Hackers have the ability to reorganize blocks and even replace them on blockchain, moreover the perpetrators are able to "double" the coins, ie the same coins can be transferred several times.

The rumors that ETC suffered an attack by hackers originally appeared on CoinNess, the Chinese magazine on January 6th. The report says that SlowMist, the Chinese security company blockchain, was the first to notice the attack.

The article reads:

"The ETC community immediately followed the development of the incident and learned that there is a private pool of miners … which achieves more than 50% of the network hashrate at certain times".

The Ethereum Classic spokesperson replied on Twitter, saying the network "Functioned normally".

However, in a few hours, the representative asked all the mining pools of "It allows a significantly higher confirmation time on withdrawals and deposits (+400)."

Later, without any confirmation or commentary, the official report of Ethereum Classic retweeted the report of the Chinese magazine.

On 7 January, the cryptocurrency exchanges Coinbase published a report that claims to have detected this attack on January 5th. Mark Nesbitt, Coinbase Security Engineer, who wrote that report, said that since the disclosure of malicious attacks, there have been 8 chain reorganizations worth about $ 460,000.

Ethereum Classic has refuted Coinbase's report, arguing that the later did not "Connect with ETC personnel regarding the attack".

While it is still unknown who was the first to detect the malicious attack and what are its consequences, we want to remind you

The Dark Overlord threatens to reveal the truth of September 11 attacks unless a ransom in Bitcoin is redeemed

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