After an attack on ethereum classic about a week ago, the network has faced another 51% attack.
According to a tweet from Etherchain.org, a notable Ethereum explorer, one of its mining pools- Ethermine had to discontinue paying mining pool rewards after about 4000 blocks were manipulated in a lastest attack. At the time of the report, it is not sure if a new attacker had done it, or the attack was done by the first hacker..
This series of tightly coordinated attacks have made some crypto stakeholders question the overall security architecture of the platform. As per a tweet from Vitalik Buterin, Ethereum co-founder, he advised the ETC community to substitute their current reward mechanism for proof of stake. He believes this will be a deterrent, as users with more ETC would gain more by protecting the network than carry out a 51% attack.
A week ago, a successful hacking attempt yielded about 2,800% profit for the attacker, who spent about $192,000 in leased hash power from NiceHash. The hacker initiated and completed 'double spend' transactions worth $5.6 million within 24 hours.
As stated by crypto51, the cost of attacking within an hour, using rented hash power from NiceHash, cost about $12,028 an hour.
Despite news of the attack and the weaknesses of the network exposed, ETC, the price has not been drastically impacted. Today, the price is trading at $7.23, 1.68% less than it was at the beginning of the week.
Source: Cointelegraph
