Ethereum Classic (ETC) has become a frequent target of 51% attacks due to its use of PoW consensus, and its computing power and market value being far lower than Ethereum.
In January 2019, attackers launched an attack by renting over 112% of the total network's computing power through NiceHash, executing double-spending of tokens via chain reorganization. Several exchanges were affected, with Coinbase detecting nearly 220,000 ETC (about $1.1 million) stolen, and Gate.io losing approximately $200,000.
In August 2020, ETC faced three consecutive 51% attacks, resulting in over $5.6 million worth of tokens being double-spent, while also unlawfully obtaining block rewards. Many exchanges suspended ETC trading, leading to a plummet in coin prices and severe asset losses for users.
Since then, its security vulnerabilities have persisted, trust levels have significantly declined, and it has become a typical case of being attacked and exploited due to insufficient computing power.
In January 2019, attackers launched an attack by renting over 112% of the total network's computing power through NiceHash, executing double-spending of tokens via chain reorganization. Several exchanges were affected, with Coinbase detecting nearly 220,000 ETC (about $1.1 million) stolen, and Gate.io losing approximately $200,000.
In August 2020, ETC faced three consecutive 51% attacks, resulting in over $5.6 million worth of tokens being double-spent, while also unlawfully obtaining block rewards. Many exchanges suspended ETC trading, leading to a plummet in coin prices and severe asset losses for users.
Since then, its security vulnerabilities have persisted, trust levels have significantly declined, and it has become a typical case of being attacked and exploited due to insufficient computing power.
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