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SlowMist Warns Against Private Pool Hoarding ETC Hashpower After recent 51% Attack

SlowMist, a Chinese blockchain security firm who firstly alerted of the 51% attack against ETC network, has sent out another alert that a private pool is hoarding ETC hash power in the past few days, and an unusual upsurge in its hash power was detected today on Jan.11.

According to SlowMist, the address, 0x58b3cabd0c5c777da2c1c4d4f7ecc8afe5674f20, created prior to the recently most talked about 51% attack on ETC, has been heaping up hash power since the infamous address (0x3ccc8f7415e09bead930dc2b23617bd39ced2c06) responsible for the 51% attack disbanded its gangs.

Nevertheless, no more details have been provided. According to the hash rate distribution for the past 24 hours, the hash rate share of the aforementioned private pool has accrued nearly 10% of the total, ranked the 4th after EtherMine, NanoPool and MiningPoolHub.

Still unrecovered from the latest attack, the alarm was raised again. According to the detailed report on the 51 percent attack released by SlowMist, the team first detected the abnormality with the red flag of hash rate swings from a private pool. The pool’s average hash rate surged from a normal 300 GH/s up to 3,263 GH/s at one time, making itself a temporary largest pool.

The hash rate of the potential threatening pool hit a record high of 1,654 GH/s at 01:00 Jan 11, and later went down. It reminds us of the pattern of the villain pool, which, after the soaring performance, returned to its normal state and stayed dormant for approximately 10 hours before pulling off another roller-coaster climb.

The malicious attacker has got away with millions worth dollars. To act at discretion, the security firm suggests that investors conducting ETC transactions must wait for at least 400 confirmations (or even longer), and crypto platforms continue to remain vigilant.

Many have not been aware of this. A Chinese bitcoin celebrity took it to Weibo (Chinese Twitter) commenting,

“Poor ETC! Everyone wants to fuck it and btw make big bucks. Other coins adopting POW mechanism also have this risk…”



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