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Exchange Says 51% Attacker Returned $100K-Worth of Ethereum Classic

Cryptocurrency NewsJan 14, 2019 03:15AM ET
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Cryptocurrency exchange Gate.io announced Saturday it has received $100,000 worth of ethereum classic (ETC) back from a recent chain attacker.

In an announcement, the exchange further said it tried to contact the 51 percent attacker but has not received any reply so far, adding:

“We still don't know the reason. If the attacker didn't run it for profit, he might be a white hacker who wanted to remind people of the risks in blockchain consensus and hashing power security.”
The exchange warned that the hashing power of ETC network is “still not strong enough” and that another 51 percent attack is still possible. As of press time, ETC is trading at $4.34, according to data from CoinMarketCap.

Last week, Gate.io confirmed it lost about 40,000 ETC (worth nearly $200,000 at the time) in a 51 percent attack – an incident where more than 50 percent of a blockchain's computing power is aggregated and controlled by one organization to change the network's transaction history and to double-spend cryptocurrencies.

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Exchange Says 51% Attacker Returned $100K-Worth of Ethereum Classic
 

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