In the latest crypto news, we are reporting a case which proved vulnerability in one exchange, and in which were stolen more than $220,000 worth of cryptocurrencies – specifically tokens of the Ethereum Classic (ETC) altcoin.
About 40,000 ETC was stolen from the exchange Gate.io during the ongoing manipulation of the project’s blockchain network. As the exchange confirmed on Tuesday, the Ethereum Classic blockchain was under 51% attack in which a single entity takes control of more than half of the network’s hash power, allowing it to rewrite its transaction history and double-spend coins.
There were three accounts about the attacker(s) which were instantly identified. As Gate.io revealed in an official blog post:
“It happened between 0:40 Jan.7, 2019 and Jan 4:20 Jan.7, 2019 UTC for about 4 hours. All the transactions were confirmed normally on the ETC blockchain and became invalid after the blockchain rollback.”
The ETC/USD rate at the time was fluctuating between $4.90 and $5.25 according to data. As Gate.io further explained:
“Gate.io’s censor successfully blocked attacker’s transactions at the beginning and submitted them to the manual exam. Unfortunately, during the 51% attack, all the transactions looked valid and confirmed well on the blockchain. The examiner passed the transactions. It caused about 40k ETC loss due to this attack. Gate.io will take all the loss for the users.”
Following this attack, almost all of the exchanges discontinued their ETC deposits and withdrawals and none of them – except Gate.io – have reported any losses. The situation now leads to a scenario where the attacker(s) is or are holding the stolen ETC with no options to liquidate them for fiat.
A developer named Donald McIntyre from the Ethereum Classic team also responded, saying that they were looking at a textbook 51% and double spend attack. According to the group at ETC:
“To be clear we are making no attempt to hide or downplay recent events. Facts are facts and as the situation develops we’ll soon get a full picture of what actually took place. Linzhi is testing ASICS. Coinbase reported double spends; both may be true.”
The team also raised its prevention tactics by asking other exchanges to increase their block confirmation times.
Ethereum Classic Successfully Implemented Its Atlantis Hard Fork
“Congratulations @eth_classic on the successful activation of the Atlantis Hardfork! Was one of the longest debates to reach consensus along with a lot of the immutability politics Learned a lot about the beauty of decentralization and a distributed community.”As such, Ethereum Classic successfully performed the Atlantis hard fork in accordance with the previously estimated time - between September 12 and 13 this year - at block height 8,772,000. The ETC Labs team was also featured in the altcoin news this June for stating:
“The community has had a number of meetings to discuss timing, scope and involvement, and we have decided on the direction and timing of the Atlantis release.”The Ethereum Classic is meant to improve security while taking into account the community's concerns. It is also considered as a no-rush update which will ensure the compatibility of ETC with Ethereum, which will make it easier to collaborate with sibling blockchains.As many news sites reported in June, Ethereum Classic successfully planned on the entire hard fork. The developers and contributors considered putting the hard fork at block number 8.75 million, predicting it to run on September 15.However, ETC Labs moved to increase the block number so that it would have the projected update during the week, in times when more involved parties are more likely to be present to discover and deal with issues which may arise.Following the announcement, Ethereum Classic successfully launched the hard fork and received support from a lot of industry players. It seems like ETC Is in the focus of the coming altcoin news.Yesterday, the cryptocurrency trading platform Bitfinex announced that it will support Atlantis as well.
Ethereum Classic Is Better Than 96 Coins This Week: Up By 30%
- USD 1.6 billion on Coinmarketcap
- USD 1.35 billion on Coinpaprika
- USD 1.6 billion on Coingecko
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“ETC Labs and North Block Capital will work together on creating comprehensive token sale initiatives for North Block Capital investments, clients and partners. As part of Studio, ETC Labs will provide technical support to create, launch and manage token sales as well as marketing expertise for promoting to the Asian market and creating liquidity through exchange listings in Asia,” according to the announcement shown on many best cryptocurrency news sites.As reported, it is very likely that many traders are positioning themselves in the coin ahead of the scheduled hard fork, which is expected to occur on September 13. Although the fork has been planned for a long time, events like these tend to draw the attention of traders and some of them are looking to turn profits ahead of the fork.
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