Ethereum Classic “HACKED” by 51% attack!

Photo by rawpixel on Unsplash

Breaking news-in the largest 51% attack of any major cryptocurrency, Ethereum Classic has been “hacked”. I used the word hacked loosely, because of the way the attack was executed. You might know that if you own 51% of a companies stock you are the majority owner…well in a sense, the same is true with blockchains. In laymens terms, the ETH classic blockchain was “rewritten” by someone that owned 51% or more of it!

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In an odd twist, a research institute has taken credit for the attack! More on that coming soon. This has brought a lot of fear and uncertainty in the crypto community, especially after some of the explanations for what went on, were flat out untrue.

According to The official Twitter account for Ethereum Classic “it was, “selfish mining”. They have also speculated:

“that the sudden burst in hashing power may have come from a new ASIC mining rig developed by Chinese company Linzhi, which has a hash rate of more than 1,400/Mh.”

All of the above turned out to be false and it was actually a “hack”. Blockchain reorganization would be a better term for it, but we all know that mainstream society won’t stop using the H word anytime sometimes goes wrong with a computer. The ledger was reorganized, allowing double spending to occur and other transactions to be rewritten. In layman's terms, the books were cooked!

Photo by Artem Bali on Unsplash

So far over 1 MILLION dollars was lost as a result of this! This leaves some business struggling on deciding how to enforce policy. Some are reimbursing companies, while some are unable to do so and are making consumers take the hit. While some people who have made money and/or have significant holdings in cryptocurrency remain optimistic, this type of thing does nothing but scare off new investors at worst, or at best make them more apprehensive. ETH Classic is pretty insignificant to me personally as a currency, but that doesn’t make this an insignificant act in the crypto world.

-Devon Holden / nurdADD signing out

this story may be edited later as more news comes out about the research institution!

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