Latest news from the Ethereum Classic (ETC) community indicate that the ETC Labs Core development team has created a new alert system to detect threats on the network. The twitter announcement by @Eth_Classic went on to state that the new system is based on block analysis and propagation patterns. The surveillance system will prevent any future attacks on the blockchain such as the recent 51% attack on ETC. The tweet making the announcement can be found below.
Earlier this month, the ETC blockchain fell victim to a 51% attack. The team at Coinbase was one of the first to detect the anomaly on the network. They managed to pause movement of the double spent funds on the ETC blockchain. They issued an announcement on the 7th of January that stated the following:
"On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. In order to protect customer funds, we immediately paused interactions with the ETC blockchain."
Updated Jan. 7, 10:27pm PT: "At time of writing, we have identified a total of 15 reorganizations, 12 of which contained double spends, totaling 219,500 ETC (~$1.1M). No Coinbase accounts have been impacted by the attack."
A 51% attack on a Proof-of-Work powered blockchain involves a group of miners controlling more than 50% of a it’s mining hashrate. With majority control on the network, they can send funds to one address on the main chain of the network while sending similar funds to another address on a forked copy of the blockchain that they are also secretly mining.
Other nodes who are still processing the main chain will see the first transactions as valid. The malicious miners then release the silently mined blocks on the second chain and other nodes will accept this as the new correct chain since it is longer. The original transaction will disappear and nodes will now recognize the funds from the new chain thus creating a double spend situation.
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