The 51% Hack on Ethereum Classic, Explained

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Last week Ethereum Classic suffered not one, but two 51% attacks. The attacker walked away with $7.3 million worth of ETC in double spending.

Ethereum Classic is the original Ethereum blockchain maintained by the stakeholders who refused to jump over to the new blockchain that was forked to correct The DAO hack of 2016. A 51% attack happens when enough mining computing power — also known as hashpower — colludes to replace previously processed blocks and create a competing blockchain that allows the same coins to be spent twice.

CoinDesk reporter Will Foxley explains what this all means and how it could happen to other blockchains as well.

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