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The ETC 51 percent attacker returns $100000 of stolen funds

The ETC 51 percent attacker returns $100000 of stolen funds
  • The attacker who was responsible for the 51 % attacks on the Ethereum Classic (ETC) blockchain has returned back $100,000 from the stolen $1.1 million.
  • The analysis reveals that 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.

On January 5, 2019, the ETC blockchain was hit by a 51 percent attack leading to the theft of $1.1 million in the Ethereum Classic cryptocurrency. Five days later, the attacker who was responsible for the 51 % attack on the Ethereum Classic (ETC) blockchain has returned back $100,000 from the stolen $1.1 million.

The attacker might be a white hacker

Gate.io found on January 10, 2019, that the attacker who was behind the 51 % attack on the Ethereum Classic (ETC) blockchain has returned back $100,000 to Gate.io. Gate.io said that the reason for returning the stolen funds remains unknown.

However, Gate.io suspects that if the attacker didn't steal the funds for profit, then he might be a white hacker who wanted to warn the people of the potential risks in blockchain consensus and hashing power security.

“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,” Gate.io said.

Analysis by Gate.io

The analysis carried out by Gate.io revealed the following insights.

  • The analysis revealed that 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.
  • Based on the analysis, Gate.io recommends other Etherum Classic (ETC) exchanges to take necessary preventive actions in order to protect the trader from blockchain rollback/reorg.
  • Moreover, Gate.io has raised the ETC confirmation number to 4000 and has launched a strict 51% detect for enhanced protection.

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