Fee Spike on Ethereum Classic Raises Fears of More Exchange Attacks

A sudden surge in transaction fees on the ethereum classic blockchain has some developers speculating whether cryptocurrency exchanges could be at risk of attack, a development that follows last week’s 51% attack in which more than $200,000 was stolen from at least one exchange.

Over the last 24 hours, average transaction fees on the blockchain rose to $6.10, up nearly 800 percent from $0.71 the day prior, the largest spike in transaction costs in the history of the blockchain according to data source BitInfoCharts.

As such, ethereum classic miners made as much as 844 ETC (or roughly $3,600) verifying transaction blocks Sunday, an unusual occurrence for the network that continues to run the original software instance of the ethereum project.

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