I was a little shocked when the news of 51% of Ethereum classic (ETC) arrived. It's not because I have any investment in that cryptocurrency. It's because it was once a mainstream cryptocurrency that did not get the same attention after the fork. Nonetheless, it is not another unheard-of cryptocurrency. A mainstream cryptocurrency that suffers from a 51% attack is a bit surprising. If you want to know more about the 51% attack, you can read our post by clicking here!
What's happening exactly with Ethereum classic (ETC)?
The drama around 51% of Ethereum classic (ETC) does not seem to end. There are recent reports in the cryptocurrency universe that Gate.IO received $ 100,000 from the hacker. The exchange of cryptocurrencies did not receive an answer from the hacker when they tried to make contact. The exchange is not yet clear because the hacker returned the amount.
Probably the hacker may have been a whitehat who wanted to bring to the attention the risk of which Ethereum classic (ETC) was facing. While in the long run, it may prove beneficial to investors of that cryptocurrency, but the exchange itself has not recovered the full amount. The exchange lost $ 271,500. It is not yet clear what happened to the rest of the amount. The details are even more obscure. None of the other cryptographic exchanges returned any amount. This is why it is still unclear whether the hacker was a whitehat operator or not.
The cryptocurrency exchanges have since taken steps to ensure that the 51% attack does not repeat itself. In my opinion, the problem is that it is only one of the cryptocurrencies. Due to the decline of cryptocurrency miners and the centralization of the extraction process, there are many other cryptocurrencies that are at risk. Sure enough, these may not have a large following, but when that attack reoccurs, it will be difficult for trades to prevent losses.
The problem is that each of these attacks attacks investor confidence in cryptocurrency. Many people on the sidelines are not sure about investing in cryptocurrencies. With such attacks, it will become even more difficult for investors to enter the world of cryptocurrencies. While cryptocurrency exchanges could go on, investors will surely be afraid to invest in Altcoin. There seems to be much more to come from this Ethereum classic (ETC) attack of 51%.