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.
Since the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have lost considerable value and are near worthless. To-date only a few of the forks that stem from Satoshi’s creation have remained relevant during the last three years. There are three branches of Satoshi Nakamoto’s codebase that have commanded top positions within the top fifteen coins in the crypto coin market economy. Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoinsv (BSV) have all been top contenders for quite some time. Between the price, onchain activities, and community size only these…
Market onlookers are scrabbling for a new narrative as some argue last week's tech rout might explain bitcoin's latest price drop.
The ETC Labs CEO Terry Culver discussed the recent attack on the Ethereum classic network and confirmed that “security is an issue on Ethereum Classic.” As we reported previously in our ethereum classic news, the ETC blockchain suffered three 51% attacks in August so now let’s see what Culver had to say. The threat of 51% attacks on the proof of work blockchains are a universal problem according to ETC Labs CEO. The company has enlisted the help of the law firm Kobre and Kim to pursue the individuals responsible for the attacks. The repeated 51% attacks on the Ethereum…
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…
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.
August has been an awful month for Ethereum Classic as the blockchain suffered yet another 51% attack.
ETC Labs creates a new plan for the “Defensive Mining” strategy as the Ethereum classic hashrate dropped since January and continues to do so after the successful 51% attacks on the network. ETC labs create a new strategy to protect the network and revitalize it according to a blog post that we are reading more about in our Ethereum Classic crypto news. Ethereum Classic Labs, the “stewards” of the blockchain, detailed a new plan to protect the network from future attacks as per their blog post. The current hashrate of ETC is about 3.2 terahash per second which means is…
Shaken by weeks of network-overwhelming hacks, ETC Labs has outlined its security response.
OKEx admitted a total loss of approximately $5.6 million from the recent Ethereum Classic 51% attacks and could delist ETC from its exchanges.
Ethereum Classic's recent 51% attacks highlight the value of large open-source networks such as Bitcoin and Eth – it’s about more than hashrate.
The attacker attempted to double-spend roughly $3.3 million during the second attack.
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, saw an attacker steal more than 800,000 ETC, worth about $5.6 million.
Developers advise exchanges to pause ETC deposits and withdrawals.