Representatives of Gate.io said that the exchange would cover losses of approximately 40 thousand ETC (about $ 200 thousand), which its users suffered because of the ongoing “51% attack” on the blockbuster Ethereum Classic .
[ https://t.co/8kWqgDWNXb Research] confirms the ETC 51% attack.
4 of the 7 rollback transactions detected were created by the attacker; transferring 54,200 ETC in total.
Gate will be covering the 40k ETC loss for all of the users.
See details: https://t.co/BhEYHZyP3z pic.twitter.com/pSXrsZrc7q
– gate.io Exchange (@gate_io) 8 січень 2019 р.
In its blog, the company confirmed the fact of “51% attack”. In addition, the exchange listed three addresses controlled, in its opinion, by the attacker:
0xb71d9CD39b68a08660dCd27B3EAE1c13C1267B10
0x3ccc8f7415e09bead930dc2b23617bd39ced2c06
0x090a4a238db45d9348cb89a356ca5aba89c75256
“Gate.io initially succeeded in successfully blocking intruder transactions by sending them for manual review. Unfortunately, during the attack all transactions looked valid and were successfully confirmed in the blockchain , – representatives of the exchange write. – The reviewer missed the transaction. This resulted in a loss of about 40 thousand ETC during the attack. Gate.io will bear all user damages. ”
Information about the attack confirmed and cryptobirge Coinbase. On Monday, January 7, she reported on double spending due to the deep reorganization of the blockchain Ethereum Classic.
On 1/5/2019, Coinbase detected. In order to protect customer funds, we’ve taken a blockchain. Read more here: https://t.co/vCx89dz44m
– Coinbase (@coinbase) 7 січень 2019 р.
The fact that the attack is still ongoing, the company also announced Bitfly.
Take care, the Ethereum Classic #ETC network is still being targeted by a 51% attack. Today we saw again 3 deep chain reorganizations: https://t.co/QXjaGROQew
– Bitfly (@etherchain_org) 8 січень 2019 р.
According to the head of Blockscout, Andrew Craveno, he is “100%” sure that a double waste occurred in the Ethereum Classic blockchain. He noted that the reorganization occurred between blocks 7261495 and 7261496. A waste of 26,000 ETC occurred at block 7261492, and then at 7261497.
He also added that it is unlikely that these dramatic events are related to the testing of ASIC devices.
“If I tested a new hardware, I would hardly use $ 100 thousand for one transaction,” he added.
Ethereum Classic developer Donald McIntyre agrees with Kraveno’s opinion. According to him, what happened is a classic example of “attack 51%”.
McIntyre is a supporter of making changes to the Ethereum Classic PoW mining algorithm. He is confident that such a step is necessary in the short term, and this may prevent further blockchain reorganizations. McIntyre also added that ETC developers are working to fix the problem.
BlockchainJournal, in turn, continues to monitor developments. Subscribe to news on Telegram: BlockchainJournal Live – the entire news feed, BlockchainJournal – the most important news and polls.
BlockchainJournal.news
