Categories: Altcoins

Ethereum classic (ETC) News – What exactly is happening with Ethereum classic (ETC)?

Click here to view original web page at
Spread the love

I was a bit shocked when the news about Ethereum classic (ETC) 51% attack came out. It is not because I have any investment in that cryptocurrency. It is because it was once a mainstream cryptocurrency which did not garner the same attention after the fork. Nonetheless, it is not another unheard of cryptocurrency. A once mainstream cryptocurrency suffering from a 51% attack is a bit surprising. If you want to know more about 51% attack, you can read our post by Clicking here!

What exactly is happening with Ethereum classic (ETC)?

The drama around the Ethereum classic (ETC) 51% attack does not seem to end. There are recent reports in the cryptocurrency universe that Gate.IO has got $ 100,000 back from the hacker. The cryptocurrency exchange got no reply from the hacker when they tried to establish some contact. The exchange is not yet clear why the hacker has returned the amount.

Chances are, the hacker might have been a whitehat who wanted to bring to attention the risk of which Ethereum classic (ETC) was facing. While in the longer term, it might prove beneficial for the investors of that cryptocurrency, but the exchange itself has not recovered the entire amount. The exchange lost $ 271,500. It is not yet clear what happened to the rest of the amount. The details are still murkier. None of the other crypto exchanges have got back any amount. That is why it is still not yet clear whether the hacker was a whitehat operator or not.

The cryptocurrency exchanges since then have taken steps to ensure that the 51% attack does not repeat itself. In my opinion, the problem is it is just one of the cryptocurrencies. Owing to the decline of cryptocurrency miners and the centralization of the mining process, there are many other cryptocurrencies which are at risk. Sure enough, these might not have a wide following, but when such attack occurs once again, it will be tough for the exchanges to prevent losses.

The problem is that each of these attacks dents the confidence of the cryptocurrency investors. Many people on the sidelines are not sure about investing in cryptocurrencies. With such attacks, it will become even more difficult for investors to step into the cryptocurrency world. While the cryptocurrency exchanges might move on, the investors will surely be fearful of investing in Altcoins. It seems like there is more to come from this Ethereum classic (ETC) 51% attack.


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...
Published by

Recent Posts

Who’s Trading Bitcoin? A Look at Trading Volume by Country in 2019

If you look for statistics on bitcoin trading volume by country, you may be surprised to learn that there is… Read More

41 mins ago

PR: Kinesis Partners With Hardware Wallet Provider CoolbitX

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material.… Read More

41 mins ago

FT Compares Bitcoin Salaries to De Facto Slave Labor

Getting paid in bitcoin? You should be offended, apparently. | Source: Shutterstock; Edited by CCN By CCN Markets : In… Read More

41 mins ago

How blockchain is revolutionizing recruitment

There is no denying that blockchain technology has the potential to completely revolutionize most – if not all – industries… Read More

41 mins ago

Bitcoin Price ‘Will Struggle’ in Big Financial Crisis, Says Investor

Spencer Bogart, a general partner at venture capital firm Blockchain Capital, thinks that Bitcoin ( BTC ) will be a… Read More

43 mins ago

Pompliano: Bitcoin Will Be In Every Institutional Investor’s Portfolio

American investor and Morgan Creek Digital Assets co-founder Anthony Pompliano says that Bitcoin will end up in every institutional investor’s… Read More

43 mins 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