The crypto market sent the price of ethereum classic (ETC) higher in the early hours of Monday (UTC time), despite the news that one of the top 35 crypto networks by market capitalization suffered its third 51% attack in a month.
At pixel time (04:46 UTC), ETC trades at USD 6.68 and is up by 3% in a day, trimming its weekly losses to less than 2%. The price is down by almost 11% in a month.
ETC price chart:
Yesterday, ETC developers confirmed that the attack this past weekend caused a reorganization of over 7,000 blocks which corresponds to approximately 2 days of mining. At the time of writing, no other details about the attack were provided.
@eth_classic 10k? Why you are still using blockchain? Confirm transactions by signing papers.
— H05sein (@H05sein)
The network experienced two similar attacks almost a month ago. As reported, the attacker made at least USD 1.7m during the second attack, according to Bitquery, a blockchain analysis firm.
ETC hashrate, or the computational power of the network, almost halved in August, making a 51% attack on the network cheaper.
The theoretical costs of one hour attack on the ETC network reached USD 4,349, according to crypto51.app, a website that tracks costs of these attacks. In comparison, such an attack would cost USD 607,907 in case of Bitcoin (BTC) and USD 436,617 in case of Ethereum (ETH).
Meanwhile, last Friday, Input Output Hong Kong (IOHK), the developer of Cardano (ADA), said it drafted two proposals how to prevent 51% attacks on the ETC network. It includes “Checkpointing” which would prevent 51% attacks as well as a treasury system that would provide ETC with long term, reliable, decentralized, and sustainable funding for developers, and ecosystem participants alike”, according to ETC Cooperative.