Ethereum Classic Suffers a New 51% Attack
Main page News, Ethereum, Hacker Attack

The Ethereum fork has just suffered its second 51% attack in a week.

Bitfly, the parent company of the mining pool Ethermine, has reported the blockchain of the crypto has suffered the second 51% attack in five days.

Popular crypto exchange Binance has also confirmed that there has been a reorganization of more than 4,000 ETC blocks in block number 10,935,622.

Once the attack was detected, both companies have blocked payments, withdrawals and deposits with the cryptocurrency.

This type of attack occurs when a group of miners control more than 50% of the hashrate of a certain crypto, which allows them to prevent new transactions from being confirmed, to stop payments between users and even to reverse transactions already completed, which means they can double spend the same currencies.

This is the second attack of this type in a week, since on August 1 ETC was the victim of another 51% attack in which according to the data blockchain company Bitquery hackers double spent 807,260 ETCs (valued at $5.6M).

It is still unknown how many ETCs the hackers have double spent in this attack.

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