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Ethereum Classics ETC Drops By 5% Following A Suspected Attack On Its Blockchain

08 january 2019, 20:50 by John Kiguru

Ethereum Classics ETC Drops By 5% Following A Suspected Attack On Its Blockchain

Ethereum Classic has today taken a dip as reports emerged that the Ethereum Classic blockchain was under attack.

Already at the time of press, Coinbase has announced that it has halted all ETC withdrawals on its platform. According to Coinbase, the attack has already resulted in a $460,000 worth of double spend.

The attack, dubbed “51 percent attack”, means that a party has control of over 50% of the blockchain, giving them control over the digital payment system. This kind of attack has always resulted in big losses and abuse of power on any project.

In the last couple of hours, Ethereum classic has sent out a tweet acknowledging maliciousness on the platform, adding they intended to get to the bottom it.

After having a great run since the beginning of the year, Ethereum Classic has taken its first major hit. This also comes as a reminder that the industry is still as unstable as ever with security continuing to be a major concern.

This attack sends panic around the market with Ethereum Classic, in particular, suffering a confidence break down among investors.

Since mid-December, Ethereum Classic has been on a stable trend climbing from around $3.50 to what has constantly been over $5.0 in the new year. Today’s drop could see these prices drop below the $5.0 mark as the coin is at the time of press right at the edge of falling below it.

Despite this recent event, Ethereum Classic ‘s underpinning technology remains solid and promising in the near future. This means that Ethereum Classic is bound to bounce back and get back to winning ways in the coming days.
Many enthusiasts remain optimistic that Ethereum Classic ETC will hit its all-time high as the project is in its all-time high in development and adoption.

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