Hijacking via the 51 percent attack on the blockchain is no joke. In fact it happened three times against the Ethereum Classic (ETC) blockchain on July 29 2020, August 1 2020, as well as August 6, 2020.
In the first attack, it was estimated that the perpetrator of the attack managed to double spend as much as 800 thousand ETC (equivalent to US $ 5.6 million). Meanwhile, the attack cost was equivalent to 17.5 BTC (US $ 204,000).
Reporting from Coindesk, Ethermine, Bitfly and Binance mining pools reported the reorganization. According to them all ETC withdrawal and deposit transactions have been suspended, because of the attack.
On Thursday, 6 August 2020, another attack occurred. The value is not yet known. However, with the US $ 23.44 block reward on Ethereum Classic, the attacker will likely have pocketed around US $ 93,760.
In the first attack, it was estimated that the perpetrator of the attack managed to double spend as much as 800 thousand ETC (equivalent to US $ 5.6 million). Meanwhile, the attack cost was equivalent to 17.5 BTC (US $ 204,000).
Reporting from Coindesk, Ethermine, Bitfly and Binance mining pools reported the reorganization. According to them all ETC withdrawal and deposit transactions have been suspended, because of the attack.
On Thursday, 6 August 2020, another attack occurred. The value is not yet known. However, with the US $ 23.44 block reward on Ethereum Classic, the attacker will likely have pocketed around US $ 93,760.
I find it really strange that a coin which has market cap so high is susceptible to 51 percent attack. Sure if a coin has a lowe mc and a low hashing power then fine but how can it happen for ETC.
