The Ethereum Classic (ETC) network has undergone a 51% attack again. On August 6, Bitfly tweeted that its Ethermine mining pool has disabled ETC payments after reorganizing over 4,000 blocks.
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
Ethereum creator Vitalik Buterin wrote in a comment under a Bitfly tweet: “ETC should go Proof-of-Stake. Even with a culture of risk aversion, this transition seems less risky at this point than giving it up. ”
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Despite the apparent vulnerability of the network, ETC is currently trading at $ 7.09.
According to Bitquery, the attack last week allowed the hacker to obtain over 2,800% of the return on investment in renting a hash rate of $ 192,000 from NiceHash. The attacker double-spent 807,260 ETC ($ 5.6 million). A 51% attack can be initiated against Ethereum Classic using NiceHash leased power for as little as $ 15,677 per hour.
The Ethereum Classic network had already been hit by a 51% attack last year.