How Does a Second 51% Attack Affect Ethereum Classic?

Another 51% attack has occurred on Ethereum Classic within 7 days. Earlier today, the first hacker succeeded in reorganizing the over 4,000 blocks he controlled during the attack.

Ethereum Classic has been attacked for the second time in less than a week. This has created pandemonium amongst ETC owners who now question the network’s security.

Etherchain.org tweeted few hours ago that it is no longer effecting transactions for ETC payments from Ethermine because of the latest 51% attack where 4,000+ blocks were affected.

It is still uncertain if the latest attack was carried out by the same person who did the last one.

Cryptocommunity suspects ETC’s security

Having been attacked twice in just one week, one of the founders of Ethereum, Vitalik Buterin tweeted this:

“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.”

Although ETC has proved not to be so good in its security, nothing much has changed on the network as the asset has only lost 1.5% within the last one week. Its price is even above $7.

The cost of inflicting a 51% attack on ETC is just $12K

In the previous attack, the hacker made a profit of over 2,800% after spending $192,000 to rent mining power from NiceHash. He is said to have acquired 807,260 ETC (valued at $5.6 million) which he sent twice to different accounts in less than a day.

Crpto51 found out that it costs only $12,028 to successfully launch a 51% attack on ETC for one hour if NiceHash’s mining power is to be used. It says NiceHash may be the most patronized because it gives away 32% more than is required for a successful attack.

Apart from Ethereum Classic, there are tens of other cryptocurrencies that cannot withstand 51% attacks at the moment if NiceHash’s hash power is employed. It should be recalled that ETC had a 51% attack last year in January.

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