Ethereum Classic 51% Attack Fuels Ripple PoW Debate

On January 5, 2019, Ethereum Classic (ETC) fell victim to a 51% attack. At first, the attack went unnoticed for over 24 hours until Coinbase’s engineers noticed that 88,500 ETC (roughly $450,000) were falsely deposited on the OkEX crypto exchange.

As this news finally came to light, crypto enthusiasts everywhere took to Twitter and shared their opinions.

Litecoin creator Charlie Lee stated that Ethereum Classic is not dominant in its respective consensus mechanism (Ethash for Ethereum Classic), which led to the attack. To prove his point, he said that for NiceHash, which is a mining marketplace, to attack ETC for 1 hour would cost only $5,000.

Read More

You May Also Like

About the Author: Blockchain Stats

Leave a Reply

Your email address will not be published. Required fields are marked *