Connect with us

Ethereum

Ethereum Classic [ETC] 51% attack: Hackers return $100,000 in tokens

Namrata Shukla

Published

on

Ethereum Classic [ETC] 51% attack: Hackers return $100,000 in tokens
Source: Pixabay

The recent 51% attack against Ethereum Classic [ETC] blockchain last week shook the cryptocurrency community and the hacker or the organization behind the act has now returned 100k USD worth in tokens.

The hacker has not provided any information about the reason behind this change of heart and returning the money in ETC to the firm’s account, reported Exchange Gate.io, an official blog of the cryptocurrency on January 10.

Even after repeated attempts to get in touch with the hacker or the organization behind this wrongful attempt, Gate.io was unable to contact them. The Exchange remained unsuccessful in providing any explanation for receiving the money and to understand the motivation of the hacker behind it.



However, as there is no proper reasoning behind the debited amount, and many speculate that it may have been a campaign to raise awareness about the risks associated with the use of cryptocurrencies, including trading and the security of a blockchain through Proof of Work. The article on the blog read:

“On Jan.10, we found that the recent ETC 51% attacker returned 100k USD value of ETC back to Gate.io.
We were trying to contact the attacker, but we haven’t got any reply until now.
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 the risks in blockchain consensus and hashing power security”.

The Exchange’s team explained to the readers that this attack might take place again as it is not very expensive to rent the required hash power to gain control over 51% of the blockchain. In order to not let this happen in the future, Gate.io raised the number of confirmations needed to admit a transaction to 4,000 with some other protective measures. They stated:

“Based on our analysis, the hashing power of ETC network is still not strong enough, and it’s still possible to rent enough hashing power to launch another 51% attack. Gate.io has raised the ETC confirmation number to 4000 and launched a strict 51% detect for enhanced protection. We also suggest other ETC exchanges to take actions to protect the trader from blockchain rollback/reorg.”





Subscribe to AMBCrypto’s Newsletter


Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

Published

on

Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending