Earlier in the day, there were a handful of media reports that stated that Ethereum Classic blockchain may come under 51% attack. Double-spend or 51% attack is when an attacker captures 51% of the hash power of the network, double spending can happen. “Hash power” means the computational power which verifies transactions and blocks. If an attacker has this control, he/she can reverse any transaction and make a private blockchain which everyone will consider as real.
The news was broken by Chinese news portal, CoinNess.com, which stated, “A Chinese blockchain security firm SlowMist sent out an alert that the Ethereum Classic (ETC) network might have been targeted by a 51% attack, though without specifying many details. The price of ETC was whopped right away by the alert, which fanned a new round of FUD. The alert was later further consolidated by another post by a netizen, who went by with the name of Egg Knight. The netizen supplemented the alert with a finding that many blocks were underway transaction rollbacks. The post was liked by the founder of the initial scout SlowMist.”
There have been rumors of a possible chain reorganization or double spend attack.
From what we can tell the ETC network is operating normally.
— Ethereum Classic (@eth_classic) January 6, 2019
However, Ethereum Classic took cognizance of the potential threats and was quick to reassure the community that the FUD was baseless. In a tweet, ETC said, “There have been rumors of a possible chain reorganization or double spend attack.From what we can tell the ETC network is operating normally. BlockScout’s “Reorg” section shows nothing of the sort.”
Attaching a screenshot of the same, ETC further said, “To all exchanges and mining pools please allow a significantly higher confirmation time on withdrawals and deposits (+400).”
At the time of writing, the last block height mined was 7257506 and the average block time was 11 seconds. However, according to BitInfo, the block time was 15 seconds and the hashrate was 183.567 Thash/s -4.51% in the past 24 hours.
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