Cryptocurrency News: Ethereum Classic subject to 51% attack, ETC price drops following the attack

Ethereum Classic has been subject to a 51% attack, shocking the crypto world. According to details provided by Coinbase, a deep chain reorganization of the Ethereum Classic (ETC) blockchain which included double spends to the tune of 219,500 ETC ($1.1 million). The price of ETC took a tumble after the reports of the 51 percent attack on its blockchain and is currently trading just above $5. The 51% attack on ETC is significant because it is among the top 20 cryptocurrencies by market cap and it showcases the vulnerabilities present within one of the leading cryptocurrency projects in the world. The Ethereum Classic team has said that despite the 51% attack ETC still has a unique positioning as a PoW + Turing-complete network with an active community with sound principles.

References:

Ethereum Classic price drops after suspected 51% attack: https://cryptodost.io/news/ethereum-classic-price-drops-after-suspected-51-attack.html

Deep Chain Reorganization Detected on Ethereum Classic (ETC): https://blog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de

What is Double Spending? https://en.wikipedia.org/wiki/Double-spending

51% Attack Explained: https://www.fxempire.com/education/article/51-attack-explained-the-attack-on-a-blockchain-513887

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Cryptocurrency News: Ethereum Classic subject to 51% attack, ETC price drops following the attack

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