[Breaking] Is Ethereum Classic (ETC) Experiencing a 51% Blockchain Attack: What’s Happening?

Although this is not confirmed, there are some rumors that Ethereum Classic (ETC) could be experiencing a chain reorganization and has been affected by double spend attacks. The information was first released by SlowMist, security firm. As BlockScout, the Ethereum Classic explorer reported, it seems that the blockchain experienced several block reorganizations.

According to CoinNess.com, the blockchain security firm SlowMist alerted that the ETC network could have been targeted by a 51% attack. Although the company did not provide many details, the ETC community became alerted.

At the same time, the firm advised cryptocurrency exchanges to increase their security and protect their users. According to CoinMarketCap, Ethereum Classic lost almost 4.5% of its price compared to BTC in the last 24 hours. Furthermore, its price in USD terms has also fallen 6.17% in just a few hours on January 7.

The official Ethereum Classic twitter account informed that there were several rumors on the matter but they say that the network is operating normally. Additionally, they mention that BlockScout’s ‘Reorg’ section does not show anything about it.

Nevertheless, it is possible to see that several reorgs took place during the last few hours after the information released by Ethereum Classic.

Ethereum Classic has also warned exchanges about this situation and asked them to allow a significantly higher confirmation time on withdrawals and deposits.

At the same time, Ethereum Classic warned on its Twitter account that One ETC Private Pool Claimed over 51% Network Hashrate.

This does not seem very positive for Ethereum Classic. The ETC community has been divided about an attempted takeover by Digital Finance Group (DFG) back in December 2018. DFG is in charge of ETC Labs and it is one of the most active developers in the ETC network.

There is no information on whether this rumored 51% attack is related to this situation that the community is experiencing or not.

At the time of writing, ETC is being traded around $5.2 and it has a market capitalization of $558 million.

You can see all of the Reorgs listed here:

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