Bitcoin News

100k USD of Ethereum Classic worth in tokens of 51% attack stolen, returned by the hacker

100K USD of Ethereum Classic worth in tokens of 51% attack which was stolen in the recent days has been returned back to Gate.io by the hacker.

The Gate.io, team has tried to contact the hacker; however, their attempts have been futile. The Exchange has not been able to obtain any explanation for the motive behind the incident.

The rumor has it that it may have been a campaign focused on raising awareness about the risks associated with the use of cryptocurrencies, trading and the security of a blockchain technology through Proof of Work.

“On Jan.10, we found that the recent ETC 51% attacker returned 100k USD value of ETC back to Gat.io. We have been trying to contact the attacker, unfortunetly we haven’t got any reply until now,” states Gate.io.

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 Gate.io team took the opportunity to comment that there is still some possibility of a similar attack as it is relatively inexpensive to rent the necessary hash power to gain control over 51% of the Blockchain technology.

To avoid this, Gate.io followed the advice published in their Twitter account and raised the number of confirmations needed to admit a transaction to 4000 along with other measures to increase protection.

The hashing power of ETC network is still not strong enough, and it is still possible to rent enough hashing power to launch another 51% attack. This has seen Gate.io raising the ETC confirmation number to 4000 and launched a strict 51% detect for enhanced protection.

It is suggested other ETC exchanges to take actions to protect the traders from blockchain rollback.

The cryptocurrency community’s reactions were highly critical and sceptical, questioning the hacker’s possible good intentions. One of them was Mati Greenspan, who pointed out that the amount returned is minimal compared to what was actually stolen.

Do you think this 100K usd of Ethereum Classic was attacked by a hacker or someone who just wants to prove a point?

Lets know in the comment section below.

coinmag

Hey there! I am Tobias Kumwenda, an IT bank professional turned into a Cryptocurrency and Blockchain proponent from Blantyre, Malawi. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about Cryptonomics and eating if I am not doing anything else.

  1. Great post. I am facing a couple of these problems.

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