After a week of the reorganization of more than 4,000 blocks Thursday morning, Ethereum Classic has suffered its second attack of 51 percent.
The parent company Bitfly and Crystal Exchange Mining pool Ethermine has announced the reorganization of all purchases, withdrawals, and deposits of Classic Ethereum which were suspended as a result of the attack.
Currently, the longest chain on the network is the reorganized transaction history. However, on the shorter version of the network, the bulk of Ethereum Classic miners – such as the mining pool Ethermine – start mine.
In a tweet minute before Bitfly ‘s article, developers behind Ethereum Classic said that exchanges and mining pools are advised to “significantly increase confirmation times on all deposits and incoming transactions” in light of “recent network attacks.
A Chain Reorg happens when a group gains more danger than the other miners in the network. The adversary will then restate the past of the chain and “double” the native currency of the blockchain (in this case, ETC). Raising power in Ethereum Classic appears to have fallen significantly from 1.6 TH / s to 1.3 TH / s on Monday, August 3, almost 20 percent at press time.
According to blockchain analytic company Bitquery, this latest assault on the Ethereum Classic network is a result of a recent attack between 29 July and 1 August.
Although the network was originally not redeveloped or targeted at 51 percent by Classic developers during the previous assault, Bitquery revealed today that an attacker doubles the sum of ETC (approx. $5.6 million) used by an attacker to gain the HASH power for the assault. Bitquery also charged approx. 17.5 BTC ($204,000).
There is still no known monetary benefit from the 51% attack on Thursday as regards double expenses. The attacker, however, probably made $93,760 of block rewards alone for $23.44 per block of rewards for Ethereum Classic.
The attack came on 16 July after the client deprecated Open Ethereum. Almost half of the network nodes – including big mining and exchange links – worked with Open Etheruem software, instantly overdue after the first reorg chain on July 31.
Ethereum Classic has urged node operators as quickly as possible to migrate to Besu and Core-geth implementations.
As of press time, the price of Ethereum Classic was 7.03, $down less than 1% for 24 hours.