The CEO of IOHK and creator of Cardano, mathematician Charles Hoskinson, has offered to solve the loopholes resulting in the incessant 51% attacks that have rendered Ethereum Classic network to hacks.
The network continues to suffer a series of attacks in recent times. 8, July 2020, another attack happened to the network resulting in the reorganization of more than 4,000 blocks as par Binance announcement.
A week before, the same Ethereum Classic suffered a similar attack that cost the network a loss of $5.6 million in ETC.
Attackers have the opportunity to achieve an unhindered reorganization when they have more than 51 percent of the total hash rate. Exchanges had to stop all payment payout, deposits, and withdrawals to avert the issue.
The Ethereum Classic developers, upon noticing the incident, suggested that exchanges increase the confirmation time of any transaction.
According to Bitquery findings, the attackers paid over 17BTC to achieve the 51% hashrate and also double-spent over 800,000 ETC during the attack.
It is not clear how much was lost during the Thursday attack, but the attack is sadly becoming an everyday issue on the network, and it was being said that the attackers could have gotten $93,760 from mining rewards. Well, the hackers have been said to have spent around $1,700,000 on two different exchanges.
Cardano’s Charles Hoskinson Offers to Help Ethereum Classic (ETC) Battle 51% Attack
Charles Hoskinson, who has been relating with Ethereum Classic for long, is offering to help the blockchain network mitigate against all forms of attack.
In a statement on Twitter, Charles Hoskinson said he has TwinsCoin and Mantis Client on the shelf for Ethereum Classic to use in battling the incessant attacks. He mentioned that a treasury system on ETC will make him innovate on the network.
Beginning of the Relationship
In 2017, Cardano’s IOHK helped Ethereum Classic launch Mantis Client to be able to stand out from Ethereum. The idea was designed by Grothendieck Team at IOHK, specially for the Ethereum Classic.
During the rollout, IOHK said it aimed at showing the world it had the technical competency and culture to lead in the development of ETC, and completely remove the taints that ETC was a copycat of Ethereum.
He said he threw his support behind ETC when it forked out of Ethereum because he felt the social contracts should not be broken.
Now, Charles Hoskinson is willing to help the Ethereum Classic, asking the leadership to support him in the fight against hackers like he volunteered for them during the Mentis Client period.
He said he wasted a huge amount on the Mantis Client and was not financed by the Ethereum Classic community.
This time, he is asking the leadership of the network to finance his involvement in the fight and promised a series of innovations on the network without playing politics on network.
Ethereum Classic Labs Seeks Legal Redress
Meanwhile, Ethereum Classic Labs has been condemned for hiring two law firms to help investigate the series of attacks on the network and further pursue criminal charges against anyone found behind the attacks.
Crypto commentator by the pseudonym Hasu said the Ethereum Classic Labs should hold GPU mining responsible.
Another observer, by the name Oscar D Torson, wondered why Ethereum Classic, who split off using the term “code is law” failed to believe in “code is law” which the network stands for.
Countering the two, CEO, Ethereum Classic Labs & ETC Core, Terry Culver, said the action of the ETC Labs did not contradict the maxim “Code is Law,” noting that stealing is against the law and Code is Law was centered on the “immutability of transactions on chain [SIC].”