Things continue to deteriorate for Ethereum Classic (ETC). Ethereum Classic (ETC), an Ethereum hard fork created as a result of a hard fork in 2016, suffered the third 51% attack in just one month. This came just after ETC Labs stepped up efforts to protect the blockchain by announcing a multi-stage plan aimed at preventing future attacks.
Three Attacks in One Month
When a malicious actor gains enough hash power to gain control over a blockchain, a 51 percent attack occurs. According to a tweet published by blockchain technology firm Bitfly, 7,000 blocks were remade on the Ethereum Classic blockchain on August 29.
Before that, two more reconstructions took place on August 1st and August 6th. In the first incident, the hacker behind the attack managed to escape with 807,260 ETC ($ 5.6 million) by investing only 192,000 dollars in the hash power provided by Nicehash.
Blockchain detective Bitquery learned that the double-spent crypto was sent to the OKEx exchange:
“We can imagine that this address belongs to the OKEx exchange or its affiliates. The same address on the Ethereum Mainnet has a lot of activity regarding OKEx wallets. ”
Despite a series of attacks, CoinMarketCap data shows that ETC has only dropped by 1.14 percent in the past 24 hours, meaning traders have already erased the latest black swan incident.