Ethereum Classic Developers Tied Alleged 51% Attack With New Miners Testing
Ethereum Classic cryptocurrency developers have found a possible explanation for a blockchain reorganization attack that could be carried out this Monday.
“Regarding the recent events around mining. We may have figured out where this hash rate is coming from. ASIC miner manufacturer Linzhi has confirmed that it is testing new devices for the Ethash algorithm at 1,400 / Mh, “they wrote on Twitter..
Earlier, the attention of users was attracted by a sharp increase in the hash rate of the Ethereum Classic network, coupled with the concentration of most of the computing resources in the hands of one unknown miner. This, in turn, has raised concerns about the possibility of a 51% attack and re-spending of transactions..
The Ethereum Classic developers note that Linzhi does not use their computing power to carry out malicious actions, and the re-spending of transactions in the network has not been recorded to date..
The Coinbase exchange, however, states in its publication that repeated spending has been recorded, and their total amount is 88,500 ETC ($ 460,000). Coinbase is not currently trading with ETC.
Bitfly announced that it is ready to confirm the successful implementation of a 51% attack on the Ethereum Classic network with several reorganizations of the blockchain history of more than 100 blocks.
The Kraken exchange said that due to “a potential 51% attack on the Ethereum Classic network,” it has decided to temporarily increase the number of confirmations required to deposit ETC deposits to 500 (about 2 hours). The marketplace has promised to reduce the required number of confirmations to 120 when it receives a signal from its developers.