It’s the third attack this month.
The Ethereum Classic (ETC) network was hit by another 51% attack on August 29, causing the reorganization of more than 7,000 blocks just weeks after proposing security upgrades.
In a tweet, Ethereum Classic confirmed the attack and promised it is working on potential solutions to the problem.
“While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels. To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now.”
The attack comes a few weeks after developers proposed changes to the network over the next three to six months in hopes of warding off further incursions. Immediate actions include a defensive mining cooperation with mining pools to maintain consistent and even increased hashrates, advanced network monitoring, whitelisting addresses and a finality arbitration system to inhibit chain reorganization.
ETC said in another tweet it’s currently at “~3% of the overall network hashrate” and is aware that repeated attacks may occur while testing out these changes.
This month alone saw Ethereum Classic suffer at least two 51% attacks before this latest one. Some exchanges like OKEx, alarmed at the constant attacks, even warned ETC it will delist it if security is not beefed up.