ETH Classic is attacked. 51% attack occurred
Even those who are not particularly versed in digital security issues probably know about the so-called 51% attack. This is a popular damage-dealing method for cryptocurrencies built on the Proof of Work algorithm. The well-known technique, at first glance, does not seem available, but is actively practiced. For example, the popular ETH Classic coin has fallen victim to such a digital attack today. We’ll go over the details of the attack and explain how the attack affected the digital asset. So let’s get started.
Basic theory. How it all started
First of all, you just need to remind what a 51% attack is. Since most modern cryptocurrencies use the outdated Proof of Work algorithm, assets are exposed to a number of threats. Due to the peculiarities of this system, theoretically, control over the system can pass into one hands. In order to independently dispose of the coin, influence the price and other users, an attacker only needs to get 51% of the entire available blockchain power. In this case, due to the principle of inviolability of the actions taken, hackers can operate with a crypt with almost impunity. However, it is incredibly difficult to actually buy back 51% of the equipment. That is why fraudsters resort to various fraudulent schemes that are perceived by the coin system as honest and justified actions.
This is what happened the day before with Ethereum Classic. The popular ETH alternative was operating at its usual pace, producing new coins and processing transfers. Suddenly miners ran into a problem. New assets ceased to appear as the currency system split into two separate chains. Due to outside interference, the Blockchain split up and thus signaled the attack. The developers immediately urged not to worry and promised to quickly fix the problem. Leading persons at ETH Classic wrote about this.
However, to make it easier to fix the Blockchain, the developers also asked to temporarily stop the transfers. The exchanges, as well as private users, received a request to stop work and give time to figure it out. The situation, as you know, is not the most pleasant one. Thousands of transactions hung in the air, this probably created a lot of troubles and conflicts. Let’s take a look at the current state of Ethereum Classic, as well as the future of the coin after the attack.
What’s going on with ETH Classic now?
The company employs qualified programmers, so the problem has been fixed for now. The functioning of the system has returned to normal, the currency can be used, but there is a certain problem with mining. Due to the emergence of the second branch of the system, the developers ask to switch the equipment to a longer chain. It is the original flow of ETH Classic that will be supported, and everyone will forget about the accidentally arising chain. So be sure to make sure your equipment is working the right way.
Canceled transfers can be resumed, the system is ready to process transactions. We hope that such problems will not arise again. Those responsible for carrying out the attack should be punished, but no proceedings have yet been announced. It is very likely that representatives of ETH Classic will want to find and bring to justice those responsible for today’s incident.
Most likely, ETH Classic specialists will learn a lesson from the events we have described. It is likely that the developers will think about switching to the Proof of Stake algorithm, which excludes the possibility of such an attack. Nevertheless, this takes time, because changing the key foundation of a currency is a complex process and a large-scale event. In order not to miss it, follow all the news from the crypto industry with us. We publish only high-quality and interesting material. Thanks for your attention. We wish you good luck and stable work!
