Cryptocurrency

10/01/19 09:27 UTC-4

The Ethereum Classic blockchain crypto-platform is under attack

Ethereum Classic, a subsidiary of Ethereum with a total market capitalization of $ 531 million, was attacked by 51%, which led to a doubling of costs. At the time of publication, the asset is tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
at $ 5.05, which means a drop of almost 10% in the last 48 hours.

The attack occurred a few weeks after stopping the work of the "main team" of Ethereum Classic developers due to lack of funding.

Earlier this week, the Ethereum Classic (ETC) blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
was attacked by a hacker, who received about 60% of the blockchain's computational power. The hacker continued to steal and subsequently spent 85,000 ETC tokens (worth approximately $ 500,000).

Gate.io exchange confirmed that the burglary occurred between 00:40 and 04:20 on January 7, and that all transactions related to burglary were confirmed in the chain of ETC blocks.

 

Reactions of large crypto-exchanges

After this attack, many large cryptocurrency exchanges have already stopped trading ETC tokens on their platforms. On Monday evening, Coinbase unexpectedly announced that it would temporarily disable all ETC receipts and transfers, although this action will not affect customers' ability to buy and sell a digital asset.

Coinbase said in its blog: "The Coinbase team is currently evaluating the safety of re-enabling sending and receiving of Ethereum Classic and will tell our customers what to expect regarding ETC support."

The Kraken exchange also informed its customers about the hacking of 51% Ethereum Classic. The exchange imposed a temporary suspension of all deposits and withdrawals of an asset until the problem is resolved.

OKEx, making an announcement on its website, informed users that it would continue normal operations based on ETC even after an attack of 51%.

The OKEx team assessed and commented on the situation: "Our advanced risk management system is able to maintain market orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
. Our ETC trading, deposit and withdrawal will remain open and continue to function normally."

Kyle Samani, managing partner of the Multicoin Capital hedge fund, said: "the fact that Ethereum Classic was attacked and incurred double expenses of such magnitude only means that it failed in performing one of its most important tasks."

According to the venture capital manager, this attack means that the tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
has no future.

 

Network problems

Overall, this attack reflects the difficulties associated with developing a public network that is truly reliable and secure, especially because Bitcoin Gold (BTG), an offshoot from the original Bitcoin (BTC), underwent a similar attack in May 2018. Vulnerability inherent in all, even some less popular digital resources, even those who are hard-forks more popular digital assets.

Editor: Pereyidenko Ihor

See also: "Monero – the most popular cryptocurrency for viral mining"

#blockchain #cryptoplatform #EthereumClassic #ETC #attack #tokens #cryptoexchange

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