Created as a fork of the native chain: Ethereum, Ethereum Classic has been having many problems this month; or one problem repeated several times. A 51% attack took place on the blockchain, for the third time in a single month.
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
One of the most commonly referred to risks of Proof-of-Work blockchains but also one of the rarest to happen is called a 51% attack. The latter refers to a single entity of a group of conspiring entities controlling more than half of the hash rate and being able to modify and exclude orders as they see fit.
The first attack took place on the first day of this month which reorganized about 3700 blocks, which was then followed by a second attack a week later which reorganized 4000 blocks. Vitalik Buterin, the co-founder of Ethereum, commented: “ETC should just switch to proof of stake. Even given its risk-averse culture, at this point making the jump seems lower-risk than not making it.”