The Ethereum Classic (ETC) network was recently affected by 51% attack on August 29. This resulted in alteration of approximately 7,000 blocks immediately after security upgrades were proposed.
Ethereum Classic approved the attack and assured that they are taking care of the issue and finding solutions.
Although ETC is striving for progress for developing solutions, we possess an idea of the present risk to the network at such low hash rate levels. It is recommended for exchanges, miners and other service providers to keep confirmation requirements more than 7k.
The attack occurs a few weeks after the developers proposed alterations to the network over the upcoming three to six months in the hope of avoiding any more incursions. The urgent reaction involves defensive mining collaboration with mining pools to sustain steady and even elevate the hash rates, advanced monitoring of network, whitelisting addresses and a proper system to restrain chain reorganization.
ETC expressed through a tweet that it is presently at about 3% of the overall hashrate of network and is acquainted with the possibility of facing repeated attacks while the testing of the changes is still in progress. Ethereum Classic had already faced a minimum of two 51% attacks before this new one came into the picture.
Post originally available at A new 51% attack on Ethereum Classic
