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The Ethereum Classic (ETC) blockchain is currently under attack by 51%.
Coinbase claims to have recognized a double expense of 88,500 ETC, worth about $ 460,000.
"On 1/5/2019, Coinbase noted a major reorganization of the Ethereum Classic blockchain chain that included double spending.In order to protect client funds, we immediately suspended the movements of these funds on the ETC blockchain. this event, we detected 8 further reorganizations that included double expenses, for a total of 88,500 ETC (~ $ 460,000) "
A 51% attack is when a miner or mining pit earns more than 50% of the network hash rate to commit the final cryptic crime: rewrite the ledger and double the previous transactions.
The most recent attacks on Ethereum Classic are coming from the leaders of the cryptographic space, including the founder of Litecoin, Charlie Lee, the CTO of Ripple David Schwartz and the founder of Dogecoin, Jackson Palmer.
Pay attention to coins that are not dominant in their respective mining algorithms, especially those that are compatible with NiceHash. ETC has less than 5% of the total hashhrate of Ethash and is 98% of NiceHash. The 1 hour attack costs $ 5k. Almost $ 500k has been doubled. https://t.co/REwM2lFA9Z https://t.co/bqw54LUjke
– Charlie Lee [LTC⚡] (@SatoshiLite) January 7, 2019
For those who do not know, "NiceHash-able" means the required 51% percentage that is readily available to be chartered through the NiceHash mining cloud provider – which means that the hacker would only need money and not all physical hardware, could only briefly rent it.
– Jackson Palmer (@ummjackson) January 7, 2019
Another blockchain PoW suffers a double-spend attack, this time ETC. The distributed agreement protocol of XRP Ledger eliminates this risk.https: //t.co/RQBEWAXmRD
– David Schwartz (@JoelKatz) January 7, 2019
Vertcoin suffered a similar attack last month, which was also followed by Coinbase.
"In 4 separate incidents, the last of which ended on 12/2, Vertcoin (VTC) recorded 22 deep-chain reorganizations, 15 of which included double spend of VTC.We estimate these attacks could have led to theft of over $ 100,000. The biggest reorg had over 300 blocks of depth. "
All blockchains using the Proof of Work consent mechanism are ultimately vulnerable to 51% attacks. As for the big Bitcoin dog, it would be much more difficult to attack the net because of its enormous hashing power.
According to Crypto51, which tracks the amount of money it would cost to attack various blockchains, at the moment it would require $ 301,650 at the time to attack the Bitcoin network.
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Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and operations are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital assets, nor The Daily Hodl is an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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