Categories: News

Ethereum Classic Blockchain Hit By $400,000 “51% Attack”

Ethereum Classic Blockchain Hit By $400,000 Attack

With the crash of the price of Bitcoin in early 2018, cryptocurrency mining isn’t as popular as it once was. That doesn’t, however, mean to say that people are still not actively involved in it and, in addition, that there are literally hundreds of millions of dollars tied up in various currencies. It seems, however, that one of the more popular ones may have just been subject to a pretty substantial attack.

In a report via SkyNews, the classic Ethereum blockchain has just seem subjected to a “51% attack” which may have resulted in over $400,000 of ‘coins’ being taken.

Classic?

We should, at this point, highlight that Ethereum classic is a newer version of its namesake. Based on the 2nd most popular cryptocurrency out there. It is, essentially, an off-shoot that was introduced in 2015.

What Is A 51% Attack?

The attack was until recently more of a theory than a fact. Simply because the premise seemed so unlikely. In a very crude manner, it is when a single ‘person’ controls 51% or more of the mining network for a particular coin. This ‘issue’ allowed a person to divert, send misinformation to users and ultimately also gave them the ability to start replicating fake coins. As above, the attack is believed to have resulted in about $400,000 of coins being stolen.

Trading has temporarily been suspected in the currency while a ‘solution’ to this is found.

What do you think? – Let us know in the comments!

Mike Sanders

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