ETC Labs believes regulation is the key to preventing future 51% attacks

Responding to numerous 51% attacks on the blockchain, ETC Labs said that it’s time to bring regulation to hashpower rental marketplaces, citing the fact that at least two of the attacks were perpetrated by renting hash power through NiceHash — a claim that has been confirmed by both NiceHash and ETC Labs.

ETC Labs CEO Terry Culver also shared with Cointelegraph that according to the information that was provided by CipherTrace, which was hired to investigate the attacks, the attackers used proceeds from the first attack to rent hashpower for the second attack. The latter cost crypto exchange OKEx $5.6 million in damages — the company had to reimburse its users.

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