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Blockchain News

Ethereum Classic’s third 51% attack this month

  • Third attack in a single month
  • 7,000 block reorganised
  • "ETC should just switch for PoS" -Vitalik-

Ethereum Classic

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.

51% Attack

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.

Previous Attacks

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.

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