Cryptocurrency & Blockchain Business
Joji Xavier

Cryptocurrency exchange Gate.io sees $100,000 In Ethereum Classic returned by 51% Attacker

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Cryptocurrency exchange Gate.io, which was targeted in a recent hacking, said the ETC 51-percent attacker returned $100,000 worth of Ethereum Classic to them.

The exchange said its attempt to contact the 51-percent attacker met with no response.

“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 the risks in blockchain consensus and hashing power security,” Gate.io said in a statement.

The exchange warned that there are further chances to launch another 51-percent attack, as the hashing power of ETC network is still not strong enough.

Gate.io has raised the ETC confirmation number to 4000 and launched a strict 51-percent detect for enhanced protection.

They also suggested other ETC exchanges to take actions to protect the trader from blockchain rollback/reorg.

In an incident that caused panic in the crypto currency market last week, Gate.io confirmed it had lost about 40,000 ETC worth nearly $200,000 in a 51 percent attack, where more than 50 percent of a blockchain’s computing power is aggregated and controlled by one organization to change the network’s transaction history and potentially to double-spend cryptocurrencies.

Another crypto exchange, Bitrue, was also targeted by the attack. But their security system thwarted an attempt to withdraw 13,000 ETC.

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