Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Cryptopedia
  • Advertise
  • Submit PR
CLOSE

Ethereum Classic News

Hacker Steals 54,200 Ethereum Classic (ETH) From Exchange Gate.io

Published

on

Ethereum Classic

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.

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

Continue Reading
Comments

Ethereum Classic News

Ethereum Classic Successfully Implemented Its Atlantis Hard Fork

Published

on

By

Ethereum Classic Successfully
The team behind the cryptocurrency Ethereum Classic (ETC) is featured in the latest cryptocurrency news for activating the Atlantis hard fork which was aimed at the improvement of the altcoin and its functionality and compatibility with Ethereum (ETH). Now that Ethereum Classic successfully implemented its new hard fork, the ETC Director of Developer Relations Yaz Khoury tweeted but also voiced his opinions and congratulated the project with the development.As Khoury said in the news:
“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.
`
Continue Reading

Ethereum Classic News

Ethereum Classic Is Better Than 96 Coins This Week: Up By 30%

Published

on

By

Ethereum Classic
The coming altcoin news put Ethereum Classic (ETC) in the focus, showing that it is one of the main cryptocurrencies in the spotlight. The breakout which started on Tuesday and the subsequent correction on Wednesday have put ETC up from 18th to the 16th place in terms of tis total market capitalization.As it stands now, Ethereum Classic is better than 96 coins compared to their performance this week. Even though the rise over the past days has been impressive, most of the gains were recorded yesterday. At press time, Ethereum Classic (ETC) is shy of $7 with a market cap of $787 million and a meteoric 24 hour volume of $874 million, which some label as fake.The price chart, as the altcoin news illustrate, shows that by trading volume in the past 24 hours, ETC is also among the top coins. Still, some members of the cryptoverse question how real these numbers are, especially when the market data providers present different numbers.As it stands, the ETC trading volume is:
  • USD 1.6 billion on Coinmarketcap
  • USD 1.35 billion on Coinpaprika
  • USD 1.6 billion on Coingecko
  • USD 601 million on Messari
Analysts believe that the fake volume on Ethereum Classic is "worthy of a case study."https://twitter.com/Crypto_Fugger/status/1164820412728954880Even though the recent rally itself was enough to attract more traders, a new announcement by Ethereum Classic Labs shows that the London-based investment company North Block Capital joined the ETC Labs' Studio program.
“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.
`
Continue Reading

Ethereum Classic News

Ethereum Classic Pumps 25% Following Hard Fork Proposal

Published

on

By

rtw2a1emh8101 - Ethereum Classic Pumps 25% Following Hard Fork Proposal
In the latest cryptocurrency news, we are seeing a continued momentum for a lot of cryptocurrencies and some great movement from Bitcoin which has also affected the rest of the market, pushing up the total market cap towards $180 billion which is the highest level that it has been since November.And while Bitcoin is at $5,150 before a slight pullback, the 3% gain on BTC has also led some altcoins to new gains. Aside from that, Bitcoin has gained a staggering 25% and optimism has returned for many people now.An altcoin that made the news recently is Ethereum Classic (ETC) which managed to surge by 25% to just below $7 following to a proposed hard fork called Atlantis which may be driving the momentum for ETC. The volume of ETC has also over-doubled - and from $350 million managed to reach $800 million in a short amount of time.https://twitter.com/eth_classic/status/1114244311757942784At this point, it is more than clear that ETC is the top performing altcoin in the top 100 cryptocurrencies. It managed to reach a new high for 2019 and is heading back towards price levels before November's big dump.Ethereum, on the other hand, has had a minor run of the tails and managed to reach $168, facing strong resistance over $170 now with a break that could send it all the way up to $200. XRP is not rallying anymore and is back at $0.36 as the gap to ETH widened to over $2 billion in market cap.Right now, the total market capitalization is at $180 billion and is up $5 billion from this time yesterday. The daily volume is still high at $60 billion and the momentum has seen most of the altcoins reaching their highest prices for 2019.However, despite the trend right now being bullish, it remains to be seen if the action can be sustained for a longer time - and if the best altcoins along with Bitcoin will maintain their current price levels. 
`
Continue Reading

Ethereum Classic News

Is Ethereum Classic (ETC) Being Hit By An Attack?

Published

on

By

markets are over
Last night, Twitter exploded with posts about one altcoin - Ethereum Classic (ETC) - and its possible chain reorganization and double spend attacks, as confirmed by the team behind the crypto asset. As the latest crypto news showed, the team also asked crypto exchanges and ETC mining pools to require as many as 400 confirmations for withdrawals and deposits.https://twitter.com/eth_classic/status/1082045223310483457However, the team also noted that right now to their knowledge, ETC and the network are operating normally.For the ones wondering, a chain reorganization is when a client in most blockchain designs discovers a longer chain which disregards blocks it had previously processed. Here, "the longest chain wins" is one of the rules, which defines "the longest chain" by various metrics including difficulty of mining etc.Currently, there is a lot of hashpower needed to effect a chain reorganization or a double spend attack, which shows that it is significantly less expensive to double-spend or create a reorganization on the Ethereum Classic network.The ETC team also noted that they believe everything is fine. However, in a follow-up tweet, they asked mining pools and exchanges to require as many as 400 confirmations.https://twitter.com/eth_classic/status/1082153023265112064The team behind ETC specifically tagged OKEx, the exchange where most of their volume takes place, as well as some others. From the latest update we can see on Twitter, the Ethereum Classic team provided clarity on the situation by claiming that a crypto mining manufacturer was testing out a batch of new devices and engaged in selfish mining.https://twitter.com/eth_classic/status/1082392663314202624For now, the situation seems stable and Ethereum Classic is trading at $5 with a 4% decline, securing the 18th place with a market cap of $538 million.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - Hacker Steals 54,200 Ethereum Classic (ETH) From Exchange Gate.io

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - Hacker Steals 54,200 Ethereum Classic (ETH) From Exchange Gate.io

ADVERTISEMENT

oasistrade banner

Join us on Facebook

ADVERTISEMENT

300 250 - Hacker Steals 54,200 Ethereum Classic (ETH) From Exchange Gate.io

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

january

No Events

FO710FC3F2305 1 - Hacker Steals 54,200 Ethereum Classic (ETH) From Exchange Gate.io

ADVERTISEMENT

300 600 3 - Hacker Steals 54,200 Ethereum Classic (ETH) From Exchange Gate.io

Trending Worldwide

Show Buttons
Hide Buttons
X
X