Ethereum Classic’s 51 Percent Attack Highlights the Challenges of Proof-of-Work Coins78

On Jan. 5th, Ethereum Classic (ETC) suffered a 51% attack losing a total of more than US$1 million spread over 15 different transactions. The scale of this attack can offer some lessons to the challenges faced by blockchains secured by Proof of Work (PoW).

This is not the first majority attack that has occurred. In 2018, there were a string of 51 percent attacks on Equihash based coins, Zencash (now called Horizen), and Bitcoin Gold, as well as attacks that were from difficulty adjustment bugs on Monacoin and Verge.

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