Ethereum Classic ’s ability to gain a somewhat sizeable market share in terms of price and network hashrate has been surprising to many in the digital currency ecosystem, but the darling of blockchain immutability may soon face an issue with new coins coming onto the market from those who may not have that particular blockchain’s best interests at heart. Over the course of the next week, two things will happen. First, roughly 4.1 million ETC will be made available for withdrawal this morning , August 30, from the so-called “ White Hat DAO ,” which is a child DAO created by a group of individuals working to protect DAO token holders from bad code that allowed an attacker to partially drain The DAO of its ETH (and now ETC) holdings. The DAO token holders who receive these funds will be able to sell the ETC for ETH or any other asset on the open market for the first time since the Ethereum hard fork. The process of allowing DAO token holders to withdraw their ETC has been taken over by Switzerland-based digital currency exchange Bity . In addition to the White Hat DAO withdrawals, the attacker who originally drained The DAO of some of its ether holdings will also finally be in full control of those funds on the ETC chain on September 2nd. According to Bity Legal Manager, Alexis Roussel , the attacker has access to one child DAO, which holds roughly 5 percent of all ETC in circulation. Problems With the White Hat DAO Although DAO token holders will soon have access to some of their ETC holdings, the White Hat Group originally had control of about 7.2 million ETC. The plan was to convert the salvaged ETC to ETH in order to do what the White […]
