“51% Attack” Hit Ethereum Classic: A Full Analysis Of The Process
As we have reported earlier, Ethereum Classic was hit by 51% attack, it means that hackers obtained more than 50% of network’s mining hashrate. https://thecoinshark.net/a-malicious-51-attack-hit-ethereum-classic-the-loss-allegedly-accounts-for-460-000/ Slowmist, Chinese-based blockchain journal, has released a full report on the attack. The earliest hit occured on January 5, the culprit hacked some exchanges, like Bitrue, Coinbase, Gate.io, however, this was noticed only two days later. The first action was a transfer of more than 5000 ETC from Binance to the criminal’s address 0x24fdd25367e4a7ae25eef779652d5f1b336e31da. This amount of coins moved to a mining node, that created block 7254355. After that, the hacker deposited 4000 ETC to Bitrue exchange in block 7254430, yet, this transaction vanished from the Ethereum Classic chain. Another 9000 ETC was stolen in the same way. The Bitrue address 0x2c9a81a120d11a4c2db041d4ec377a4c6c401e69 no longer exists, and the official history is clear. Though, Bitrue managed to save some records: The scheme of the hacker attack is simple:
  • make a deposit;
  • withdraw to a safe address;
  • to double coins - just move the coins to other addresses.
One of the biggests victims is Coinbase exchange. It was estimated that the loss from the attack accounts for $1 million. The above-mentioned report also provides the information about two attacker addresses which were blackmailed by Coinbase later. They are:0x090a4a238db45d9348cb89a356ca5aba89c75256 - 0x07ebd5b21636f089311b1ae720e3c7df026dfd72 In Twitter, one of users (nickname: @OGBTC) claimed that he knew the culprit personally. https://twitter.com/OGBTC/status/1082559086070136832 Another user (nickname: @sebseb7) indicated that it was he who knew the hacker. https://twitter.com/sebseb7/status/1082934904713814016 The “51% Attack” is over for now. All we can do is to estimate the losses and to take measures so that it will not happen again. The report also stated:
“[W]e recommend that all digital asset services platform block transfers from the above malicious wallet addresses. And strengthen the risk control, maintain a high degree of attention, and be alert to double spend attacks that may erupt at any time.”
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