Following Ethereum, it was Ethereum Classic’s time to withstand the Geth exploit.

 89 Interactions,  2 Today

Ethereum Classic is the newest victim of the Geth attack, which also affected Ethereum roughly a week ago. The exploit undoubtedly caused havoc on the network. How much of an impact did this exploit have on ETC?

Ethereum Classic splits

The ETC mainnet split on September 3 as a result of the same attack that had previously damaged the Ethereum mainnet on August 27. This was caused by an attacker discovering an exploit on the “Go Ethereum” client that affected previous versions of the client. As a result, the blockchain experienced an accidental hard fork.

According to data, approximately 20% of the mainnet’s hash rate dropped shortly after the split.

This drop was most likely caused by miners or pools that were utilising an unpatched version of Coregeth. The network has already suffered during the time it took for the patch to arrive. The NVT ratio demonstrated that the network value decreased as a result of the vulnerability.

See also  Ethereum, Matic, Aave Price Movement Analysis for 20th June, 2021

But, more importantly, the impact on miners disrupted the rate of ETC issuance. Issuance fell to its lowest level in two months, falling to 20.3k ETC in a single day.

ETC Issuance rate | Source: Messari

What about the investors?

This problem had little impact on investors because nodes were quickly updated. They did not experience any significant negative consequence, for the most part. The number of active addresses has increased to 37.7k. Daily volumes were also unchanged, rising to $228 million.

ETC transactions volumes | Source: Messari

Overall, the Geth exploit does not appear to be a serious issue. Following in the footsteps of Ethereum’s experience with the Geth vulnerability, the Ethereum Classic network will most likely be unaffected. From an investment standpoint, Ethereum Classic’s future appears secure.

Subscribe to our newsletter


Leave a Reply

Your email address will not be published. Required fields are marked *