Ethereum Classic Hit by Third 51% Attack in a Month
August has been an awful month for Ethereum Classic as the blockchain suffered yet another 51% attack.
A solution being implemented to safeguard against so-called 51% attacks on the Ethereum Classic (ETC) network may not be as secure as suggested, according to a new analysis.
An accessible, in-depth look at what's really at risk when Proof-of-Work or Proof-of-Stake blockchains suffer the dreaded 51% attack.
A 51% attack occurs when a miner (or miners) acquires more than 50% of the network's mining hash power and takes control of the network.
Market onlookers are scrabbling for a new narrative as some argue last week's tech rout might explain bitcoin's latest price drop.
The leading organization supporting the Ethereum Classic network hopes to better safeguard against future 51% attacks by going after platforms that rent out hashing power.
Ethereum Classic has suffered a 4,000-block-long reorganization, its second such incident in five days. The first attack, which saw more than 3,000 blocks reorged, had an attacker steal more than 800,000 ETC, worth about $5.6 million.