Ethereum Classic network attacked 2 times in a week.Hacker stole $5.6 million

The cryptocurrency blockchain has undergone a reorganization of blocks. Binance exchange and Ethermine mining pool, which reportedincident, disabled the input and output of ETC.

The second for the Ethereum Classic networklast week "attack 51%". As a result, the last 4 thousand mined blocks were reorganized in the cryptocurrency blockchain. The Ethermine mining pool, which reported the incident on its Twitter account, temporarily disabled the ability to withdraw ETC.

Today another large 51% attack occurred on the#ETC which caused a reorganization of over 4000 blocks. Until further notice ETC pool payouts are disabled and we encourage all our miners to switch to our #ETH pool at https://t.co/f8Px6gGJiM in the meantime.

— Bitfly (@etherchain_org) August 6, 2020

Binance has confirmed the likelihood of a new attack. The platform also disabled the input and output of altcoin.

A new chain reorg of 4,000+ blocks has occurred on @eth_classic $ ETC at block 10935622.

Our alert system caught this immediately and automatically halted withdrawals and deposits.

It appears to be a follow up 51% attack.

We will update you as things unfold.

— Binance (@binance) August 6, 2020

Previous "51% attack" on the Ethereum Classic networktook place on the night of July 31 to August 1. Yesterday, August 5, experts from the analytical company Bitquery released a detailed report on this matter. The attacker, in order to take control of the ETC network, rented computing power from the NiceHash mining pool, paying $ 192,000 for this. Thanks to this, the hacker was able to apply the principle of double spending and double the amount of his cryptocurrency. He acted as follows:

July 29-31: Hacker withdraws 807 thousand ETC from exchanges to his wallets.

July 31st day: A hacker leases computing power and starts mining ETC to gain control of the network.

July 31, evening: a hacker conducts transactions with his cryptocurrency, includes them in blocks under his control in order to double spend.

July 31-August 1: Hacker sends coins back to exchanges and cashes them out.

Thus, the hacker doubled the number ofavailable coins, that is, received 807 thousand ETC. At the current exchange rate, this is about $ 5.6 million. The entire attack process took 12 hours. The damage caused by today's attack is still unknown.

On March 13, hackers attacked the Ethereum network withthe purpose of hacking a project from the field of decentralized finance (De-Fi) MakerDAO. As a result, the criminals were able to buy Ethereum for $ 8 million without paying literally anything, except for the costs of the attack.

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