The crypto market sent ethereum classic (ETC) prices higher in Monday’s early hours (UTC time), amid reports that one of the top 35 market capitalization crypto networks experienced its third 51% attack in a month.
ETC trades at USD 6.68 at pixel time (04:46 UTC) and rises by 3% per day, decreasing its weekly losses to less than 2%. In a month, the price is down by nearly 11%.
ETC price chart:
ETC developers yesterday reported that the attack this past weekend caused a reorganization of more than 7,000 blocks which corresponds to about 2 days of mining. No other information about the attack was given at the time of writing.
The network had nearly a month earlier witnessed two similar assaults. According to Bitquery, a Blockchain analytics company, the attacker made at least USD 1.7 m during the second assault.
ETC hashrate, or the network’s computing capacity, nearly halved in August, making a 51% network attack cheaper.
According to crypto51.app, a website that monitors the costs of these attacks, the theoretical cost of a one-hour attack on the ETC network reached USD 4,349. In contrast, such an attack will cost USD 607,907 for Bitcoin ( BTC) and USD 436,617 for Ethereum (ETH), respectively.
Meanwhile, last Friday, Cardano’s (ADA) developer Input Performance Hong Kong (IOHK). Said it drafted two proposals to stop 51 percent attacks on the ETC network. According to ETC Cooperative, it involves “checkpointing” that would prevent 51 percent attacks as well as a treasury mechanism that would provide long-term, secure, decentralized. And sustainable funding to developers and participants in the ecosystem alike.