Home Altcoin Is Ethereum Classic (ETC) Being Hit By An Attack?

Is Ethereum Classic (ETC) Being Hit By An Attack?

Last night, Twitter exploded with posts about one altcoin – Ethereum Classic (ETC) – and its possible chain reorganization and double spend attacks, as confirmed by the team behind the crypto asset. As the latest crypto news showed, the team also asked crypto exchanges and ETC mining pools to require as many as 400 confirmations for withdrawals and deposits.

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.https://t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK

— Ethereum Classic (@eth_classic) January 6, 2019

However, the team also noted that right now to their knowledge, ETC and the network are operating normally.

For the ones wondering, a chain reorganization is when a client in most blockchain designs discovers a longer chain which disregards blocks it had previously processed. Here, “the longest chain wins” is one of the rules, which defines “the longest chain” by various metrics including difficulty of mining etc.

Currently, there is a lot of hashpower needed to effect a chain reorganization or a double spend attack, which shows that it is significantly less expensive to double-spend or create a reorganization on the Ethereum Classic network.

The ETC team also noted that they believe everything is fine. However, in a follow-up tweet, they asked mining pools and exchanges to require as many as 400 confirmations.

To all exchanges and mining pools please allow a significantly higher confirmation time on withdrawals and deposits (+400)

cc @OKEx @ExchangeXGroup @HuobiGroup @digifinex @binance @bitfinex https://t.co/m5cxcKBVXa

— Ethereum Classic (@eth_classic) January 7, 2019

The team behind ETC specifically tagged OKEx, the exchange where most of their volume takes place, as well as some others. From the latest update we can see on Twitter, the Ethereum Classic team provided clarity on the situation by claiming that a crypto mining manufacturer was testing out a batch of new devices and engaged in selfish mining.

To be clear we are making no attempt to hide or downplay recent events.

Facts are facts and as the situation develops we’ll soon get a full picture of what actually took place.
Linzhi is testing ASICS. Coinbase reported double spends; both may be true.

In time we will see. https://t.co/bbq6eqIoiS

— Ethereum Classic (@eth_classic) January 7, 2019

For now, the situation seems stable and Ethereum Classic is trading at $5 with a 4% decline, securing the 18th place with a market cap of $538 million.

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