Ethereum Classic Attack | Gate.io Will Return Most Funds


On Sunday, rumors spread around the community that there had been a double-spend attack on Ethereum Classic. The team behind the project immediately responded to the rumors, to ease investors.

Since Sunday, the Ethereum Classic attack has been confirmed, and the culprit has fessed up. During the week, the devs behind the project asked exchanges and pools to significantly increase their ETC confirmation times. Many in the community felt the Ethereum Classic team was trying to downplay the extent of the situation.

Ethereum Classic Attack Uncovered

The devs behind the project have officially responded with all the information they’ve dug up on the matter and expanded it into two posts.

The other post released most recently and can be seen below.

Donald McIntyre wrote a long blog post via Medium regarding the attack and details of the ‘post mortem’ meeting. The blog post by MacIntyre covers the majority of the information on the attack, including the dates, amounts, and who was affected.

The double-spend attack occurred from January 5th to January 7th. The Ethereum Classic attack included at least 15 double spend transactions that had at least 219,500 ETC stolen. Coinbase was the exchange that originally found the attack.

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SlowMist, a team focusing on security of the blockchain identified the culprit addresses that originated from Gate.io and Bitrue.

Gate.io has already confirmed it will cover 40K ETC losses for all of its users that had ETC stolen.

During the meeting, the team behind Ethereum Classic discussed how to prevent this from happening again and steps to take if it does occur. There was no monitoring system in place to alert the team of the double-spend, and the team has deemed this a top priority.

In addition, the devs behind Ethereum Classic have asked exchanges to increase their confirmation times on the digital token.

Featured Image: Depositphotos © akulamatiau

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