Ethereum Classic Suffers Another 51% Attack, Vitalik Suggests Switch to PoS

ETH Classic hacked again

Ethereum classic’s network has been subjected to another 51% attack. This is the second one that takes place in a week.

Ethereum Classic has been in the wars again with a second 51% attack within a week. This incursion has brought the security of the network under the spotlight again, though ETC prices remain largely unmoved at the time of writing.

Earlier today, August 6, Etherchain.org tweeted that its Ethermine affiliated mining pool had disabled ETC pool payouts after more than 4,000 blocks had been reorganized.

This type of attack occurs when a group of miners controls more than 50% of the network’s mining hash rate or computing power.

Exchanges to Halt Trading

Leading crypto exchange Binance was quick to react, adding that its automated system had already halted deposits and withdrawals and that this appears to be a follow-up attack on one that occurred last week.

Meanwhile, Ethereum co-founder Vitalik Buterin suggested that a change in consensus mechanism would alleviate these issues. Read More

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound