Ethereum Classic Blockchain Is Under 51% Attack
SlowMist, a cyber security company, reported that the Ethereum Classic (ETC) cryptocurrency blockchain is under 51% attack. Moreover, according to the BlockScout block browser, several network blocks have been reorganized.
On January 7, the Chinese company SlowMist published a post stating that ETC blockchain is under a 51% attack, representatives of the company advised cryptocurrency exchanges to strengthen control over digital assets. At the same time Ethereum Classic denied this data and stated that the ETC blockchain functioned normally.
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, over the past few hours, 12 blocks have been reorganized in the ETC network, presumably with the aim of carrying out a double spending attack. Ethereum Classic devs did not comment on the information on the reorganization of the blocks, but asked the mining pools and cryptocurrency exchanges to increase the processing time of transactions in the Ethereum Classic cryptocurrency.
At the moment, it is safe to say that the Ethereum Classic blockchain is unstable: the blocks are being reorganized, and the transaction processing time has increased significantly. The exact causes of the network failure and the consequences of the attack will be known after an official report from the Ethereum Classic startup staff. In order to avoid losing money, we recommend refraining from transferring ETC coins until troubleshooting.