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etc ethereum classic crippled crypto Depositphotos_178959902_xl-2015
Nexo Logo

How 51% Attacks Crippled This Ethereum Crypto Offshoot

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Ethereum
Reading Time: 3 mins read
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This past week Ethereum Classic suffered not one, but two 51% attacks. The culprits were able to make off with millions as a result.

While this doesn’t directly cause the underlying network to slow, due to the attacks this cryptocurrency’s confirmation times have increased drastically. Exactly how bad have these attacks hurt ETC?

Crypto As A Financial Technology: Fast, Low Fees, etc.

Cryptocurrencies have several immediate use cases. They can act as an investment or a store of value. The asset class also enables users to act as their own personal bank.

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The new technology, however, is most interesting due to its relatively low fees and speed when sending large sums of value, compared to the same cost and speed at banks.

For example, over a billion in Bitcoin was sent recently by one of the largest wallets in existence and the fee was under $4 total. A similar transaction at a traditional commercial bank would involve a far more substantial cost, depending on a number of factors.

Related Reading | Ethereum Beats Bitcoin, Gold, and Stocks In Stimulus Check Investment

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Bitcoin block generation takes roughly ten minutes as one of the slower crypto assets. XRP takes seconds, for comparison.

After several confirmations and less than an hour, that Bitcoin arrived at its destination at very little cost. But would Bitcoin be as valuable if it took two full weeks for those same confirmations to occur?


Two-Week Confirmation Time Cripples Ethereum Classic Speed, Investors Can’t Sell

Over the last week, Ethereum Classic was given a one-two punch by hackers.

The crypto asset and blockchain network suffered two 51% attacks only days apart resulting in millions stolen. This type of attack occurs when hackers gain control of over 51% of the network’s hash rate and use the power to double-spend.

The hacker sent ETC tokens to exchanges that they later spent over again, essentially deleting the originally sent tokens.

Related Reading | Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

To prevent and protect from loss exchanges are now extending confirmation times on Ethereum Classic transactions by as long as two weeks, according to a tweet from Coinbase.

This means, that even if ETC is sent legitimately by token holders to Coinbase, the coin is then stuck in limbo for two weeks while the user waits to receive their crypto.

Given the recent network attacks on Ethereum Classic, we have increased the confirmation time for ETC sent to Coinbase & Coinbase Pro to ~2 weeks. We are actively monitoring the situation and will provide updates as they become available.

— Coinbase Support (@CoinbaseSupport) August 8, 2020

Even worse, any investors looking to dump their bags due to ongoing attacks will be stuck having to wait and deal with whatever market consequences get priced in in the meantime.

Ethereum Classic may offer they crypto industry several key benefits, but currently, on many exchanges, it takes two weeks to receive and can’t be sold until confirmed, essentially crippling the cryptocurrency for some time.

etc usd

ETCUSD Daily Chart | Source: TradingView
Tags: 51% attackaltcoincoinbasecryptoETCetcbtcetcusdetcusdtethereumEthereum Classic
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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