Ethereum Classic network attacked for the second time in a week

The second 51% attack occurred on the Ethereum Classic blockchain. After two blockchain hacks, ETS input and outputsuspended.

The Ethereum Classic network suffered a second 51% attack in five days today. The order and content of over 4,000 blocks were mixed.

On August 1, Ethereum miner Bitfly wrote thatEthereum Classic is experiencing longer blocking times than usual because the nodes have stopped syncing. Bitfly soon announced that the blockchain had undergone a 51% attack and 3,693 blocks were reorganized.

Blockchain data processing company Bitqueryreported that the attacker spent $ 5.6 million worth of ETC twice in the August 1 attack. To do this, the attacker rented hashpower for $ 192,000. As a result, the hacker increased his initial investment by 27 times.

When a blockchain is 51% attacked, it isallows a hacker to delete previously confirmed transactions. Thanks to this, an attacker can spend coins and then reorganize the blockchain to delete these transactions and return the coins to their address.

The second attack was discovered by the mining pool operator Ethermine Bitfly and the Binance exchange. Details and the full amount of damage are still unknown, and ETC deposits and withdrawals are temporarily frozen.

Bitquery notes that the attacker was able tocash out through OKEx, having planned the operation in advance. The attacker sent the funds to OKEx, cashed them in, and then reorganized the blockchain to erase the transaction they sent ETC to OKEx. Hence, he was able to cash out his original stack, and got his tokens again by deleting the transaction.

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