Categories: Altcoins

Ethereum Classic 51% Attackers Allegedly Returned $100,000 to Crypto Exchange

Click here to view original web page at cointelegraph.com

The Ethereum Classic 51 percent attacker has reportedly returned $100,000 to cryptocurrency exchange Gate.io, a post on the official exchange’s blog reports on Jan. 12.

The company further noted that they tried contacting the attacker but didn’t get any reply until now, and that they do not know the reason why the funds have been returned. The exchange declared:

“If the attacker didn't run it for profit, he might be a white hacker who wanted to remind people the risks in blockchain consensus and hashing power security.”

A white hat hacker is a hacker with a strong professional ethic who uses his hacking abilities for good and not for personal gain. The jargon file, a staple of hacker culture, further explains:

“The term white hat [stands] for an ally or friendly security specialist.”

On Jan. 9, Gate.io published their analysis of the 51 percent attack, finding that a total of 54,200 ETC in total (worth $271,500 at the time), had been transferred during the time of the alleged hack. Major crypto exchange Coinbase separately stated on Jan. 8 that the total amount of money involved in the deep chain reorganization included over $1.1 million worth of crypto.

Gate.io notes that the current hashrate of the Ethereum Classic network is low and that it is still possible to rent enough computing power for another 51 percent attack. Accordingly, the number of required confirmations for Ethereum Classic deposits has been raised to 4,000 on Gate.io to safeguard against more such attacks.

As Cointelegraph recently reported in a dedicated follow-up, Coinbase had identified a deep chain reorganization of the ETC blockchain that included a double spend on Saturday, Jan. 5. By the evening of Jan. 7, the company had taken stock of multiple double spends on the network.

Charlie Lee — the founder of major altcoin Litecoin (LTC) — recently declared that by definition a decentralized cryptocurrency must be susceptible to 51 percent attacks.

The company further noted that […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

4 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

4 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

4 hours ago

I-Team: Bitcoin scams rob Triangle investors of $54K

RALEIGH, N.C. (WTVD) -- A series of online heists is robbing even the most tech-savvy people in the Triangle.According to… Read More

4 hours ago

Colombia is slowly moving toward Bitcoin-friendly regulations

To say Colombia doesn’t have the best cryptocurrency regulations in the world would be an understatement. As it stands, crypto,… Read More

4 hours ago

Ethereum price analysis: Bulls take full control of ETH/USD

ETH/USD went up from $218.55 to $220.60. The Relative Strength Index (RSI) indicator is trending in the overbought zone. ETH/USD… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More