Blockchain Security Researchers Give Reports On Ethereum Classic Attack

Ethereum Classic attack

Blockchain Security Researchers Give Reports On Ethereum Classic Attack

Ethereum Classic attack

Slowmist, a blockchain security research firm has released a full report on the recent Ethereum Classic attack. The report reveals that several exchanges are the victims of a concerted 51% attack.

According to the researchers, the attack began January 5th at 19:58:15 UTC. Days pass before anyone notices. The attacker duped many exchanges in the process including Coinbase, Bitrue, and Gate.io.

ADVERTISE HERE

The analysis however centers heavily on Bitrue. The attack was centered on the owner of address 0x24fdd25367e4a7ae25eef779652d5f1b336e31da. The earliest movement is a little over 5,000 ETC from Binance to this address.

From that point the coins move to a mining hub, which mined square 7254355. Afterward, in square 7254430, a store is made to Bitrue in the measure of 4,000 And so forth. This exchange never again really exists in the longest Ethereum Great chain. It was sent to checked Bitrue address 0x2c9a81a120d11a4c2db041d4ec377a4c6c401e69. As should be obvious in the event that you click that address, the official history does not demonstrate any such stores.

Exchanges have to adapt their security policies to chains with smaller hashrates. Declining markets lead to reduced hashpower. It happens in all proof-of-work systems. Morally disreputable individuals view it as an investment opportunity.

The report says:

We recommend that all digital asset services platform block transfers from the above malicious wallet addresses. And strengthen the risk control, maintain a high degree of attention, and be alert to double spend attacks that may erupt at any time.”

Be the first to comment

Leave a Reply

Your email address will not be published.