ConsenSys says the ETH network would need $34.39 billion to launch an attack, far exceeding BTC.

By Crypto Gloom On Mar 31, 2024

The company behind MetaMask has provided facts supporting the approval of its Ethereum spot ETF product.

ConsenSys is a popular blockchain platform, best known for its self-custodial cryptocurrency wallet MetaMask, which supports cryptocurrency trading across multiple crypto networks including Ethereum (ETH), Binance Smart Chain (BSC), Polygon (Matic), Avalanche (Avax), Arbitrum, etc. It’s a company. (ARB) and Optimism (OP). Joseph Lubin is the founder and co-founder of the company and is known for his contributions to the Ethereum blockchain.

As we know, the U.S. Securities and Exchange Commission (SEC) invited public comments on the application for an Ethereum spot ETF on March 8, 2024. Through public opinion, the SEC agency is willing to learn about the challenges and concerns related to Ethereum.

The ConsenSys team submitted comments to the SEC agency to provide support elements for an Ethereum spot ETF.

ConsenSys stated that the cost of attacking the Ethereum network is very high compared to the Bitcoin network and that the proof-of-stake (PoS) consensus on which the Ethereum network runs also follows all the security fundamentals just like proof-of-work. Based on PoW (PoW) consensus, Ethereum has more supporting factors than Bitcoin to gain ETF product approval.

ConsenSys also provided that unlike the Bitcoin network, attacks on the Ethereum network cannot occur suddenly. According to estimates, it will take nearly six months to gain full control of Ethereum.

According to ConsenSys, attacking the Ethereum network via Bitcoin is difficult.

“The total cost of the attack is #Ethereum “It would be almost $34.39 billion and it would take almost six months, and $5 billion to just over $20 billion would be enough to make some money immediately to attack the Bitcoin network.”

— Bitcoinik (@Bitcoinikdotcom) March 30, 2024

According to ConsenSys, Ethereum PoS has several advantages over Bitcoin Pow because PoS is very efficient and processes transactions very quickly.

SEC vs Cryptocurrency

The entire cryptocurrency sector is well aware that the SEC agency is always ready to create obstacles for cryptocurrency companies in place of traditional securities rules and laws.
Following tremendous uncertainty, in January of this year, the SEC agency approved applications for nine Bitcoin spot ETFs.

According to cryptocurrency experts, the likelihood of an application for an Ethereum spot ETF being approved is highly uncertain.

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