A current 51% assault that impacted Ethereum Traditional (ETC) is believed to have resulted in roughly $5.6 million value of the cryptocurrency bei
A current 51% assault that impacted Ethereum Traditional (ETC) is believed to have resulted in roughly $5.6 million value of the cryptocurrency being double-spent.
A report printed by Aleksey Studnev of blockchain forensics agency Bitquery on August 5 has revealed the extent of the incident, with Bitquery estimating that the attacker made off with 807,260 ETC.
The report estimates the hacker reaped greater than a 2,800% return for his efforts, having spent roughly 17.5 Bitcoins (BTC) value $192,000 on renting hash energy from Nicehash to execute the assault.
The report contradicts preliminary theories suggesting that the blockchain reorganization might not have been intentional.
Refined double-spend
The assault passed off between July 31 and August 1, nevertheless, was not detected for a number of days on account of intricate planning and information of the Ethereum Traditional protocol. The hacker started the assault by transferring ETC from an alternate pockets beneath its management, after which again once more.
After renting hash energy from Nicehash supplier ‘daggerhashimoto’ to achieve command over the vast majority of Ethereum Traditional’s hash energy, the attacker was in a position to mine 4,280 blocks over 4 days. The attacker then created non-public transactions that despatched ETC to wallets beneath its management, earlier than broadcasting the blocks containing transfers to their wallets to reorganize the blockchain.
Greater than 12 hours was spent executing transactions between exchanges and wallets managed by the hacker over a non-reorganized chain, creating alternatives to transform the stolen funds from the exchanges over a collection of small operations designed to keep away from detection.
Hacker believed to make use of OKEx tackle
The incident noticed 11 malicious transactions originating from a single tackle inserted into the Ethereum blockchain over the assault, permitting greater than 807,000 ETC to be double-spent.
Bitquery believes that the pockets could also be hosted on both OKEx or one of many alternate’s affiliated corporations — a suspicion additionally held by blockchain intelligence agency Anchain.