Ethereum Classic Suffers 51% Attack, $5 Million Lost

It was earlier reported that the Ethereum Classic (ETC) blockchain underwent an unintentional blockchain reorganization.

However, a report published by blockchain forensics firm Bitquery has revealed that it was in fact a 51% attack. 

The attacker made off with 807,260 ETC, worth about $5.6 million, by spending $192,000 on renting hash power from Nicehash to conduct the attack.

The hacker was able to mine 4,280 blocks privately while simultaneously executing a sophisticated double-spend attack on exchanges deposits and withdrawal before overpowering the main ETC chain with the blocks they've already mined.