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As a result of the second 51% attack on the Ethereum Classic cryptocurrency in five days, a section of the network 4236 blocks deep was reorganized. This allowed its organizer to double-spend $ 1.68 million, according to a new report from Bitquery.
According to the researchers, in total, the attacker tried to re-spend 465,444 ETC (~ $ 3.3 million at current exchange rates), but was able to do so successfully with only 238,306 ETC. Additionally, 14,200 ETC became its production, received in the form of rewards for the blocks found.
The organizer of the attack apparently rented the computing power to implement his plan from the NiceHash marketplace. To re-spend, he used coins that he had acquired from a previous attack.
Price and TH / sec on NiceHash during the first and second attacks
The address to which the attacker sent part of the stolen coins (143,000 ETC in several transactions) was linked by Bitquery with the Bitfinex exchange. The other part (95,650 ETC) he sent to the wallet of the not yet installed service.
Meanwhile, Ethereum Classic's key developer ETC Labs has announced a partnership with investigative law firm Kobre & Kim and analytics service CipherTrace. Together, they intend to locate the organizer of the latest attacks and bring him to justice.
“An unfortunate side effect of the blockchain revolution has been an increase in the number of attackers using public blockchains for illegal purposes. However, there are numerous legal methods that victims can use to get justice done quickly and effectively. Together with ETC Labs, we intend to use these methods, ”said Benjamin Souther of Kobre & Kim.
ETC Labs added that it is partnering with the community, stakeholders and technical teams to stabilize and strengthen the network.
Recall that another 51% attack on the ETC network took place in July last year. The damage from it was estimated at $ 460,000. Later, the hacker returned part of the stolen funds to the Gate.io exchange.
