Re: Ethereum Classic - 1.1 Million USD Stolen Through 51% attacks
This is a result of weak POW network. The number of participants in network is small enough to be manipulated by hackers. And almost altcoins have to face this problem.
Well, most other coins actually have measures in place to protect them against 51% attacks.
Yesterday, I saw a post on /r/cryptocurrency that stated it would only cost two times the attack cost of the ETC attack, to bring down the BCH network.
As much as I dislike BCH, this was factually incorrect, since BCH has a rolling block checkpoint system to prevent this.
https://blog.bitmex.com/bitcoin-cash-abcs-rolling-10-block-checkpoints/
Other coins also have measures against 51% attacks, here are some examples:
https://www.reddit.com/r/Monero/comments/896kjt/about_51_attack/
https://dailyhodl.com/2019/01/08/the-true-cost-of-51-attacks-on-bitcoin-ethereum-xrp-bitcoin-cash-litecoin-and-the-crypto-verse/
All of these 51% caused by ASIC miners.
Verge has experienced it many times
https://cryptoslate.com/verge-victim-to-yet-another-51-attack-xvg-down-15-in-past-24-hours/
