Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ethereum Classic Labs Mounts Legal and Technical Response After Network Suffers Two 51% Attacks

by Daily Hodl Staff
August 8, 2020
in Altcoins, Scams, Schemes and Hacks
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
ADVERTISEMENT

The team behind Ethereum Classic (ETC) says it’s launching a legal and technical response after the network suffered two 51% attacks in a matter of days. 

According to the blockchain intelligence firm Bitquery, the attacker has stolen a total of $7.28 million in ETC since the start of August. A 51% attack occurs when a single entity manages to gain control of the majority of a blockchain network’s hash rate. In doing so, they become capable of manipulating the blockchain and spending transactions twice.

Ethereum Classic Labs, which leads the development of Ethereum Classic, says it’s hired the crypto analytics firm Chainalysis to trace the malicious transactions and try to determine who is responsible for the attack.

The organization says it’s also hired the cross-border disputes and investigations firm Kobre & Kim to help with the investigation and pursue criminal charges.

“Together we will cooperate with stakeholders and agencies in the United States and wherever else the investigation leads to analyze the transactions and to identify the responsible parties with the knowledge and motive to carry out these attacks.

We want to ensure that there are severe consequences for manipulating a public blockchain to steal. We are determined to protect the integrity of the ecosystem.”

Ethereum Classic Labs is also asking that miners who power the network take extra precautions to ensure transactions are valid.

“As these events are ongoing, we’d like to again remind all ETC service providers to raise the amount of confirmations required on all deposits or incoming transactions.

Potential solutions and mitigations are being discussed.”

According to Crypto51, the cost to buy enough mining power to attack the Ethereum Classic network is currently $5,618 per hour. To attack the leading blockchain, Bitcoin, it would cost a whopping $507,643 per hour.

ADVERTISEMENT


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image; Shutterstock/Gorodenkoff

Submit a Press Release

Crypto Livewire – Press Releases

  • First Charity Project Using NFT: All Profits From Sales of Content Produced by Miss Bitcoin To Be Donated
    April 15, 2021
  • MakiSwap Raises $1.4M From Leading Investors to Build AMM Platform on Huobi Eco Chain
    April 14, 2021
  • DigitalBits To Become Premier Choice for NFTs After Litemint Partnership
    April 13, 2021
  • Ethernity Chain Launches Authenticated NFT Marketplace to Curtail Fraud
    April 13, 2021
  • ConsenSys-Backed Virtue Poker Raises $5 Million Strategic Round
    April 12, 2021
  • Cometh Partners With Alchemix for “Wizards” Collection of Yield-Generating NFTs
    April 9, 2021
  • eToro Appoints Dr. Hedva Ber, Israel’s Former Banking Supervisor, As Deputy CEO and Global COO
    April 8, 2021
Submit a Guest Post
ADVERTISEMENT
ADVERTISEMENT
Bitcoin
$56,058.00
$56,058.00
9.96%
Ethereum
$2,203.88
$2,203.88
11.17%
Binance Coin
$486.58
$486.58
9.42%
XRP
$1.34
$1.34
17.34%
Polkadot
$36.29
$36.29
15.54%
Cardano
$1.25
$1.25
13.73%

Spotlight

  • Bitcoin Past Point of Potential Ban, Says SEC Commissioner Hester Peirce
    April 10, 2021
  • Kraken’s Jesse Powell Warns of Looming Government Crackdown on Bitcoin and Crypto Assets
    April 14, 2021
  • Bitcoin Market Cap Will Likely Never Dip Below $1,000,000,000,000, Says On-Chain Analyst Willy Woo
    April 11, 2021
  • Analyst Who Called Crypto Crash Says Five Altcoins Are Set To Outshine Bitcoin
    April 15, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX

© 2020 The Daily Hodl

×