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Ethereum Classic Latest Partnership Will Prevent More 51% Attacks

Ethereum classic latest partnership with ChainSafe and OpenRelay will prevent 51% of attacks in the future as the quest to protect the blockchain continues. In our Ethereum classic news, we are reading more about the partnership. As it is trying to prevent security breaches, the Ethereum Classic latest partnership with ChainSafe and OpenRelay, could give them hope of increasing the defenses against 51% attacks. In a blog post by the Ethereum Classic core developer team, they will worth with both ChainSafe and OpenRelay to develop and to test security responses. James Wo, the chairman of Ethereum Classic Labs said that…

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Hash Power Broker Nicehash Denies It Enables 51% Attacks on ETC Network

Hash power broker Nicehash denies that it enables bad actors to use its hash renting platform to launch 51% attacks on blockchain networks. The broker insists that it does not have any way of monitoring or determining which blockchain is benefitting from a particular algorithm hash data. Only buyers of hashrate know this, as well as pools that receive such hashpower. The comments by Nicehash are in response to pointed allegations from Ethereum Classic (ETC) Labs developers stating that the hash power used to initiate the 51% attacks on their network was purchased from the broker. To further support their…

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IOHK Proposal For ETC Community Will Use ADA To Prevent 51% Attacks

The IOHK proposal for the ETC community could use Cardano’s ADA or Bitcoin in order to prevent 51% of attacks in the future as we are reading today in our Cardano ADA news. The IOHK proposal that was presented to the ETC community is considered as a short-term solution for preventing future 51% attacks as the network suffered three attacks in the past month which cast doubts on the ETC future. One of the attacks cost OKEx $5.6 million and several exchanges, therefore, increased the validation times for ETC transactions. As the name implies, the solution proposes the introduction of…

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Ethereum Classic Labs to Put Measures in Place to Safeguard Against Future 51% Attacks

After suffering a couple of 51% attacks, Ethereum Classic (ETC) Labs is planning to adopt measures that would protect its network from similar attacks in the future.  ETC Goes After NiceHash Amid Multiple 51% Attacks In a Medium blog post on Monday, ETC Labs announced that it would involve regulators globally and law enforcement agencies Read MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Vitalik Buterin reveals why a 51% attack on ETH 2.0 ‘would not be fatal’

A 51% attack on Ethereum would not be fatal according to Vitalik Buterin, amid concerns the yETH vault could amass enough Ether to launch an attack Ethereum co-founder Vitalik Buterin has dismissed concerns that a 51% attack on Ethereum 2.0 would be ‘fatal’.  The scenario emerged as a result of the burgeoning popularity of Yearn.finance’s yETH vault which has already amassed more than 137,000 ETH on its first day. Arcane Assets’ Chief Intelligence Officer Eric Wall suggested this mean the yETH vault admins will probably end up controlling enough Ether to theoretically launch an attack on Ethereum 2.0: ITT: We…

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Ethereum Classic Hit by Yet Another 51% Attack, But Has Defensive Plans

Ethereum Classic was hit by another 51% attack on Aug. 29, making it the third attack on the blockchain this month. Details of the Attack Blockchain analytics firm Bitfly revealed the news on Twitter this week, along with various technical details: Today another large 51% attack occurred on the #ETC network which caused a reorganization of over 7000 blocks which corresponds to approximately 2 days of mining. All lost blocks will be removed from the immature balance and we will check all payouts for dropped txs. — Bitfly (@etherchain_org) August 29, 2020 During the attack, the hacker rented out mining…

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Ethereum Classic Suffers 51% Attack Again: Delisting Risk Amplified

Beleaguered Ethereum Classic (ETC) blockchain suffered yet another 51% attack on August 29. The latest attack caused the reorganization of over 7,000 blocks and this corresponds to approximately two days of mining. At the time of reporting, it was not clear if there had been any double-spending as was the case in the last attack. In that attack, it was reported that the Okex exchange suffered a loss of $5.6 million directly as a result. A statement revealing the attack adds that “all lost blocks will be removed from the immature balance and we will check all payouts for dropped…

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Coinbase Managed To Dodge The $9M ETC 51% Attack And Here’s How

Coinbase managed to avoid the latest $9 million Ethereum Classic 51% attacks in their new report where they outline how this impacted their system so let’s find out in the Coinbase news today. Coinbase managed to dodge the attacks as they detailed in their analysis of the 51% attack against the Ethereum Classic blockchain. The exchange was running multiple ETC node clients during the attack and saw the impact of the fork of these systems. They are taking some legal action right now against the attackers. Coinbase released a report explaining what went on during the recent ETC 51% attack.…

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Developers Create Plan To Protect Ethereum Classic From More Attacks

Developers create a new plan to protect the EThereum Classic network from further attacks as the network was already hit twice with a 51% attack over the past two weeks. In our Ethereum Classic news today, we will find out more about this plan. The developers create a new plan as they proposed taking immediate action in implementing the long-term changes to the architecture of the network over the next three to six months. The accelerator decided to focus the efforts on improving the security of the network after the recent attacks on the blockchain. The immediate measures proposed by…

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Charles Hoskinson Laughs Off Claims He’s Bailing Out Ethereum Classic

Ethereum Classic was 51% attacked for the second time in less than two years. The most recent hack, which happened over a two-day period starting July 31st, netted hackers an estimated $5.6 million. Since then, many have reached out to the Ethereum Classic team, including IOHK CEO Charles Hoskinson. Hoskinson left Ethereum in 2014 over disagreements to do with the future direction of the project. “Hoskinson wanted to accept venture capital and create a for-profit entity with a more formal governing structure. Buterin wanted to keep Ethereum a nonprofit organization with an open-source, decentralized governance.” But regardless of that, Hoskinson…

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Coinbase Delays All ETC Transactions After Two 51% Attacks

Coinbase delays all Ethereum classic transactions after the two 51% attacks which ended up in hackers stealing millions of coins as we reported in the previous Ethereum Classic news. The San Francisco-based exchange said that the confirmation time for ETC sent to Coinbase Pro and Coinbase is now set at 2 weeks after the recent network attack adding that they are monitoring the situation further. The decision came after the hacker stole more than $5 million worth of Ethereum Classic in two attacks by gaining control over the majority of the network performing a reorganization of the blockchain. Given the…

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How 51% Attacks Crippled This Ethereum Crypto Offshoot

This past week Ethereum Classic suffered not one, but two 51% attacks. The culprits were able to make off with millions as a result. While this doesn’t directly cause the underlying network to slow, due to the attacks this cryptocurrency’s confirmation times have increased drastically. Exactly how bad have these attacks hurt ETC? Crypto As A Financial Technology: Fast, Low Fees, etc. Cryptocurrencies have several immediate use cases. They can act as an investment or a store of value. The asset class also enables users to act as their own personal bank. The new technology, however, is most interesting due…

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Hacker Drained $1.7 Million In Second ETC 51% Attack: Report

In the second ethereum classic 51% attack, the hacker drained $1.7 million from exchanges as we reading more on the updates in the upcoming Ethereum Classic news. The identical double-spending attack on Ethereum Classic blockchain a few days ago saw about $1.7 million stolen from exchanges such as Bitfinex, as the hacker drained them shortly after the attack. The second attack was identical to the first and now the ETC Labs is pursuing legal action against the attacker. The Ethereum Classic attacker made off with millions once again. ETC 51% Attack, Aug 8 – Read our latest investigation Based on…

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Network Rollback In Plan For Ethereum Classic After $5.6M Theft

A network rollback is in plan after the Ethereum Classic attack that ended up losing $5.6 million as we reported in the ETC ethereum classic news. Ethereum Classic suffered a 51% attack last week which was the second attack in less than two years. The investigations at the time showed no evidence of double-spending but a week on, further investigations showed that the attacker managed to double-spend 807,206 ETC in a two day period. According to the data analysis by BitQuery, the attacker launched 11 transactions in the reorganized chain. The investigation also noted that the attack used 17.5 BTC…

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$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

The Ethereum Classic (ETC) blockchain network lost $5.6 million to one miner following a 51% attack initially thought to be a chain split. During the attack, the offending miner managed to double-spend 807,260 ETC ($5.6 million) after spending 17.5 BTC or $200,000 (at time of writing) to acquire the hash power for the attack. The ETC team initially issued a statement advising its clients to halt interactions with the network while corrective steps were taken. At the time, one of the developers at ETC, James Wo insisted the event “was not a 51% attack” while stressing that the “offending miner…

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Ethereum Classic (ETC) Suffers Second 51% Attack Less Than a Week After Losing $5.6 Million

Barely a week after nefarious agents took control of the Ethereum Classic network, double spending $5.6 million worth of ETC, the 24th largest project by market cap is once again under attack. Earlier today (Aug 6, 2020), CoinDesk reported that 4,000 ETC blocks were “reorganized” in a classic 51 percent attack. Ethereum Classic Advice: Raise ConfirmationRead MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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