Ethereum Classic has suffered its second 51% attack in a week after more than 4,000 blocks were reorganized Thursday morning.
Mining pool Ethermine's parent entity Bitfly and crypto exchange Binance reported the reorganization, announcing all Ethereum Classic payouts, withdrawals and deposits had been suspended due to the attack.
Developers behind Ethereum Classic said in a tweet minutes before Bitfly's report that exchanges and mining pools are advised to "Significantly raise confirmation times on all deposits and incoming transactions" in light of "Recent network attacks."
This fresh attack to Ethereum Classic's network follows on from a recent attack that occurred between July 29 and August 1, according to blockchain analytics firm Bitquery.
While Ethereum Classic developers initially said the network did not suffer from a reorganization or a 51% attack in that previous attack, Bitquery said Wednesday that an attacker double-spent a little over 800,000 ETC, and paid about 17.5 BTC to acquire the hash power for the attack.
The monetary value of Thursday's 51% attack in terms of the double spends is not yet known.
At $23.44 per block reward on Ethereum Classic, the attacker has most likely earned $93,760 from block rewards alone.
The attack follows the deprecation of the OpenEthereum client on July 16.
The attacker then sent back money to a crypto exchange, which Bitquery alleges belongs to Malta-based OKEx.By August 1 the attacker published their blocks and initiated the chain reorg.
As of press time, none of the funds compromised in the 51% attack have moved from the OKEx exchange, according to Bitquery.
Ethereum Classic Suffers Second 51% Attack In a Week
Published on Aug 6, 2020
by Coindesk | Published on Coinage
Are we dumb? Financial illiterates 'twice as likely to own crypto'
According to the results of Bank of Canada's 2019 Cash Alternative Survey published in August 2020, financial literacy is positively associated with the awareness of cryptocurrencies but negatively associated with ownership.
Developer reveals 'biggest unsolvable Lightning attack vector'
Independent Bitcoin Lightning developer, Joost Jager, has outlined an exploit of the micro-payments network that could result in channels being compromised with very little effort and negligible cost.
Yam plans protocol overhaul despite first successful V3 rebase
Despite Yam's first post-relaunch rebase executing successfully, its developers are planning many more changes to the protocol.
Yearn.finance's founder and others aren't bullish on Uniswap's current governance model
Last week, the decentralized exchange Uniswap shocked the crypto world when it released its own token, UNI. The launch was predicated on fully decentralizing the protocol and putting the control of its direction in the hands of users, as all historical traders on the Ethereum-based application were gifted UNI. Every historical trader got a baseline distribution of 400 coins and liquidity providers got access to more, with many getting hundreds of thousands of dollars worth of the coin for basically free.