Brief Introduction of Double Spend
Ethereum Classic has been hit with a 51% attack last few days ago, causing a massive chain reorganization and double spend transactions totaling 88500 ETC. Exchanges such as Coinbase, Gate.io were stopped the related services on ETC temporarily.
Background on Double Spend Attacks
An attacker appears to have secured a majority of the Ethereum Classic hashrate, enabling them to “reorganize” the public ETC blockchain by creating a revised ledger and then publishing it to the rest of the network. As the saying goes, “the longest chain wins.” Executing a chain reorganization empowered the attacker to “reverse” certain transactions that had previously been confirmed to the network as valid transactions, effectively letting them spend the same coins twice.
Influenced by this attack, the price of ETC falls a lot. ETC is a project which makes contributions to the blockchain world. But it is bear market now, its market cap is not large. It is easy to control ETC if someone is rich and he or she wants to do.
It has happened on ETC this time, the same situation may happens on similar cryptocurrency as well. So maybe it is safe to keep cryptocurrency like BTC, ETH, XRP and so on. At least they can not be controlled or attacked by ordinary hackers.
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Where are the source material for your claims? I am active on cryptotwitter and in the crypto community and the ETC community said that no actual 51% attack occurred. There were reorg blocks, but the blocks were being dumped. It was only suppose to be a stress test being performed by the mining manufacturer linzhi.
Please be careful when writing posts. We have a right to a voice, but all voices have an obligation to be accurate.
ok I will be careful about what I write. I saw the message of 51% from exchanges called gate.io and media like ccn. thanks for your suggestions.
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