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Change of cryptocurrency Gate.io has confirmed that it has lost about $ 220,000 of Ethereum Classic coins – about 40,000 ETCs – during the ongoing manipulation of the project's blockchain network.
The exchange confirmed on Tuesday that the Ethereum Classic blockchain was under attack of 51% – in which a single entity takes control of more than half of the hash power of the network which allows it to rewrite the transaction history and coins at double expense – and identified three accounts on the attacker (s).
"It happened between 0:40 Jan 7, 2019 and Jan 4:20 Jan 7, 2019 UTC for about 4 hours", revealed Gate.io in a blog post. "All transactions were normally confirmed on the ETC blockchain and became invalid after the blockchain rollback."
At the time of the transfers, the ETC / USD rate ranged between $ 4.90 and $ 5.25, according to details available on CoinMarketCap.com.
"The censor of Gate.io successfully blocked the attackers' transactions at the beginning and subjected them to manual examination," explained Gate.io. "Unfortunately, during the 51% attack, all transactions seemed to be valid and well confirmed on the blockchain, the examiner passed the transactions because of this attack caused a loss of about 40k ETC. Gate. I will take all losses for users. "
Reported a theft of $ 1 million
Coinbase, the US cryptic exchange that first led the 51% attack ahead of the press, today revealed that the attackers were still exploiting the Ethereum Classic network and subtracted 219,500 ETC coins worth over a million dollars. Blockscout, an Ethchaum Classic blockchain explorer, has confirmed reorganization attacks between block numbers 7261495 and 7261496. For their data, a transaction containing 26,000 ETCs was spent for the first time during the number extraction. of lock 7261492; the same transaction was again noted on block number 7261497.
Almost all trades discontinued their ETC deposits and withdrawals but none of them, except Gate.io, reported losses. The situation leads to a scenario in which the attackers are in possession of all the stolen ETCs without options to liquidate them for fiat. Ideally, it should involve a fixed price action before the Ethereum Classic team has a solution to completely repeal the attack.
Ethereum Classic answers
The developer of Ethereum Classic, Donald McIntyre, admitted to having examined a text book of 51% and a double-expense attack, an opinion that was disproved by Cody Burns, another ETC developer, who believed that there it was more space for investigations.
"To be clear, we are not making any attempt to hide or minimize recent events," the group said in an official response. "The facts are made and as the situation develops, we will soon have a complete picture of what actually took place." Linzhi is testing ASICS, Coinbase has reported a double expense, both of which can be true. "
Subsequently, the team raised its prevention tactics by asking the exchanges to increase the block confirmation time.
Shutterstock foreground image.
