ETC victim of yet another 51% Attack !

[Syedbesharat 5423]

The hackers attack on any of exchange and coin is attack at all crypto because they all have investors and the suffer ones are the people who lost their investment. Their for it is a sad news to ETC hacked around 50% .

To me I never invested in that coin, For me BRC, ETH, LTC, XRP, TRX, XLM, Chain-link ,Doge, Yo coins are first choice. I have few altcoins which are new projects but they are very secure (till now). But I have placed my most of the assets in cold storage. 

[cryptovlek 2597]

16 minutes ago, Syedbesharat said:

I have placed my most of the assets in cold storage. 

Friend, the 51% attack is an attack on the blockchain. It makes the attacker to take control of the blockchain, make previous blocks invalid and change the transactions the previous blocks contained with others. You can't do something to protect from this but probably it will not affect your coins.

Edited December 17, 2020 by cryptovlek

[annayks 2314]

I remember reading about all the attacks on ETC, they must be three or four so far and still it is considered a cryptocurrency that has so much value. All exchanges have almost blocked the deposits of ETC and it needs weeks to deposit in Kraken and Coinbase and the price should have been down to zero but the market for altcoins does not care. 

[Maaz sultan 265]

On 8/12/2020 at 8:26 AM, Whited35 said:

Last time, there were two consecutive  51% attacks targeting Ethereum Classic (ETC) blockchain in five days. After that incident, famous companies like Bitfly and Binance immediately halted ETC payouts, withdrawals, and deposits.
Hackers managed to control more than 50% of the network's hash rate to double spend the coins. Vitalik Buterin suggested ETC should shift to PoS consensus algorithm if it wants to survive.

I have never trusted both BCH and ETC no matter how many potential investors are there for these two cryptocurrencies.
What do you think, is it the end of ETC or there is still a hope remaining?

As we knows that the crypto market is on the target of many hacking institutes and we need to learn from our mistakes to make these currencies stronger and for long term also we need to make backup options for any hacking incidence happens to protect our funds to transfer .And i dont this so because every currency faces high problems but recovered from it as all the crypto market goes to bottom .

[Whited35 15285]

11 hours ago, Maaz sultan said:

As we knows that the crypto market is on the target of many hacking institutes and we need to learn from our mistakes to make these currencies stronger and for long term also we need to make backup options for any hacking incidence happens to protect our funds to transfer .And i dont this so because every currency faces high problems but recovered from it as all the crypto market goes to bottom .

Members from the cryptocommunity can just help to invest in the currency but core thing is, developers should create the solid blockchain architecture first. In the case of ETC, it was not the bigger blockchain network to share the huge computing power so the limited malicious miners rolled out to control the majority of hash power with their nodes. 

[Sykkuno 2887]

While we have been told many times that 51% is disastrous for a cryptocurrency we have seen them to survive and later having this event left behind, these cryptocurrencies are recovering, perhaps as a sign that investors regained confidence and trust in the code of these failed experiments. I always see them as failed and especially ethereum classic that has already been attacked so many times that we forget the count.

[sinseoul 0]

Well as of now, ETC isn't really performing that well. Also, it is not wise to invest on ETC or even on BCH because Ethereum and Bitcoin are doing very well and is reaching new heights. Bitcoin may even reach 40k dollars soon and Eth maybe will break its all time high record.

[Whited35 15285]

21 hours ago, Sykkuno said:

I always see them as failed and especially ethereum classic that has already been attacked so many times that we forget the count.

Now, I am getting worried for Bitcoin cash and BSV. Weak codes, weak encryption, limited participating nodes and small blockchain networks are dangerous to consider. @SykkunoI am again came into the conclusion, even coins from private blockchain network are not preferable for me because malicious developers and miners can make the twists any time like ETC faced. 

[betania1 283]

On 8/11/2020 at 11:26 PM, Whited35 said:

Last time, there were two consecutive  51% attacks targeting Ethereum Classic (ETC) blockchain in five days. After that incident, famous companies like Bitfly and Binance immediately halted ETC payouts, withdrawals, and deposits.
Hackers managed to control more than 50% of the network's hash rate to double spend the coins. Vitalik Buterin suggested ETC should shift to PoS consensus algorithm if it wants to survive.

I have never trusted both BCH and ETC no matter how many potential investors are there for these two cryptocurrencies.
What do you think, is it the end of ETC or there is still a hope remaining? 
 

These things make many people mistrust some networks, although this has been solved, this does not remove the possibility of it happening again and not only with ETC but with another cryptocurrency company, you just have to take this into account, there will not always be people capable of keeping their cryptocurrency 100% safe so be careful.

[Ahmad ah 1212]

That is why I have always recommended dealing and trading with Bitcoin because it is the best currency and the least prone to fraud.
I read several news related to what you mentioned on your topic and I was disappointed. How can these fraudsters do that easily? Security has to be more advanced.

[Whited35 15285]

2 hours ago, betania1 said:

These things make many people mistrust some networks, although this has been solved, this does not remove the possibility of it happening again and not only with ETC but with another cryptocurrency company, you just have to take this into account, there will not always be people capable of keeping their cryptocurrency 100% safe so be careful.

Yes, specially the small blockchain networks are at the risk of majority or 51% attack like ETC has faced several times. Malicious miners are dangerous for this sort of attack as they will be capable of controlling hashrate. Investors are supposed to prefer the coins from biggest public blockchain networks if they are no longer able to trust random blockchain networks. 

[celeste10 251]

This cryptocurrency was good but what the last one that did not improve its security, there are many like these that are good projects but for some great details they simply lag behind the main cryptocurrencies, a shame I hope they improve with new projects.

[zeshan1122 654]

Till now I thought that it is not possible to attack and hold the coin and the blockchain of it and that is why you can say that there is possibilities of hack and hold the money of others.

[Jack764 1841]

Such attacks frighten us, and there will be people who gain at the expense of other people, and this matter is very sad, and I do everything that people do without socialism because of deception and deception I do not like.

[Dissy sb 945]

But my friend I want to tell you that I considered the ratio is 50-50 of the attack in the ETC and one thing more I want to tell you that first of all you should to read the others comments then you can be able to get the knowledge about this topic

[Choudhary umer 0]

Gentleman how you can set that because I analyse that the ratio of the attacking in the ETC is not cracked and one thing more I want to tell you that first of all you should to read the comments and others post

[Ameralsamt 2558]

Dear I have heard in the news about a lot of breaches in the field of encryption and cryptocurrencies in this particular currency, and I do not know why it is only, and this has been returned many times. 

[abohasnn9 2401]

My dear friend, unfortunately, the spread of fraudsters within the Internet is large, especially in the field of cryptocurrencies. This thing calls for fear and slowing the spread of cryptocurrencies in general, so 51% is a significant loss rate for etc. I urge everyone from platforms and users of cryptocurrencies to raise their security rate high so that they do not lose and defraud others  They have to thank you very much, respect and appreciate you

[Farukatie 1271]

I think that it will not the end of ATC actually hackers and scammers attacks many times on cryptocurrencies to load in the same people but it becomes more securities to stop scammers and we should build good security patches to secure our cryptocurrencies from scammers and hackers.

[khan22 3478]

ETC is a good coin and that coin future is good and we can invest in this project becasue this coin go high so much in future and i hope that the ETC coin touch the sky in future and that time the ETC coin buyers will make good profit in the market.

[Abrar1122 10]

I am astonished how a coin can get hacked how the blockchain is become the victim of the hack and I don't think people would be using this coin anymore

[Whited35 15285]

On 1/27/2021 at 4:00 PM, Dada vai said:

Most coins are easy to exploit and double spend transactions. I see Bitcoin as the only choice and altcoins will keep failing time and again.

Majority is required in the blockchain network. If more than 50% hashrate is there, it will confirm the transactions in order to add into the new block so 51% attack means scammers can verify any transactions by creating the false transactions as well. Not all coins' blockchain network could face the 51% majority attacks.  

[Quickbee 26]

This is bad news for all Cryptocurrency users and not only ETC users. This should serve as a warning for all coin developers and users. Hackers are waiting for every opportunity they can take advantage of. So one must be always alert.

[Whited35 15285]

16 hours ago, Showrov03 said:

Dear friends, @Shani Choudhry... @koussai999you can be tricked online in different ways. Are fraudsters trying to get a new head to enter the crypto space, though it's hard and I'm sure some people claim that it's really rough and hard to work with Ethium and it should never be a way we'll be able to learn and earn. Thank you 

Off-topic. What is the direction of your post regarding 51% attack of Ethereum Classic blockchain network? And what is Ethium? 

16 hours ago, Quickbee said:

This is bad news for all Cryptocurrency users and not only ETC users. This should serve as a warning for all coin developers and users. Hackers are waiting for every opportunity they can take advantage of. So one must be always alert.

The set of malicious miners captured the hashrate of ETC blockchain network but it will not be possible for bigger Bitcoin blockchain network. You can take precaution after noticing this terrible incident. 

Edited February 2, 2021 by Whited35