The amount of stolen has yet to be confirmed, but it’s estimated that just under $94,000 in block rewards had been claimed. Binance has suspended all Ethereum Classic withdrawals and deposits as a result of the attack. Ethereum Classic’s network hash rate and difficulty have dropped significantly in this time, with the former down by 18.65% and the latter down by 11.90%.
In light of recent network attacks, it's recommended that all exchanges, mining pools, and other ETC service providers significantly raise confirmation times on all deposits and incoming transactions. @okex @binance @HuobiGlobal @hitbtc @coinbase @digifinex @etherchain_org— Ethereum Classic (@eth_classic) August 6, 2020
Ethereum Classic Can’t Catch a BreakThe first of the recent attacks occurred between Jul 31 and Aug 1. It saw the attacker double-spend $5.6 million, as well as earn 13,000 ETC in mining rewards. The attacker mined nearly 4,300 blocks and stopped soon after the attack. This cost him or her 17.5 BTC, or $192,000. The incident sparked a conversation about the security of the network, which today’s attack will only fuel further. BitQuery said that the attack was sophisticated, and required a deep understanding of the Ethereum Classic architecture. The attack went unnoticed for several days before it was fully uncovered.
Vitalik Weighs InVitalik Buterin suggested that ETC switch to Proof-of-Stake (PoS), saying that it is of lower risk than Proof-of-Work (PoW):
In June 2019, ETC had undergone a hard fork to reduce block mining times. Reportedly, this was done to give network participants more time to choose a long-term consensus algorithm. Ethereum (ETH) is preparing itself for a PoS transition with its highly-anticipated ETH 2.0 upgrade. The next generation of Ethereum aims to bring greater scalability and a PoS protocol to facilitate large-scale use of the network.
ETC should just switch to proof of stake. Even given its risk-averse culture, at this point making the jump seems lower-risk than not making it.— vitalik.eth (@VitalikButerin) August 6, 2020
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