Forensic analysis suggests the recent Ethereum Classic blockchain reorganization was a carefully orchestrated malicious attack.
A recent 51% attack that impacted Ethereum Classic (ETC) is believed to have resulted in approximately $5.6 million worth of the cryptocurrency being double-spent.
A report published by Aleksey Studnev of blockchain forensics firm Bitquery on August 5 has revealed the extent of the incident, with Bitquery estimating that the attacker made off with 807,260 ETC.
The report estimates the hacker reaped more than a 2,800% return for his efforts, having spent roughly 17.5 Bitcoins (BTC) worth $192,000 on renting hash power from Nicehash to execute the attack.
The report contradicts initial theories suggesting that the blockchain reorganization may not have been intentional.
The attack took place between July 31 and August 1, however, was not detected for several days as a result of intricate planning and knowledge of the Ethereum Classic protocol.