Ethereum Classic 51% Attack: Blockchain Security Researchers Reveal Full Implications

A blockchain security research firm called Slowmist has released a full report on the attack that recently took place against Ethereum Classic. The report indicates that several exchanges are the victims of a concerted 51% attack. Notably, the researchers report that the attack begins January 5th at 19:58:15 UTC. Days pass before anyone notices. The attacker dupes several exchanges in the process including Coinbase, Bitrue, and Gate.io. The analysis focuses heavily on Bitrue. Central to the attack was the owner of address 0x24fdd25367e4a7ae25eef779652d5f1b336e31da. The earliest movement is a little over 5,000 ETC from Binance to this address. The Attack Begins With Coins From Binance From there the coins move to a mining node, which mined block 7254355. Later, in block 7254430, a deposit is made to Bitrue in the amount of 4,000 ETC. This transaction no longer actually exists in the longest Ethereum Classic chain. It was sent to verified…

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