Ethereum Classic 51% hack

219,500 ETC stolen via a 51% attack

The hackers got away with €1M worth of Ethereum Classic tokens.

Cover image by Freepik

On Monday morning, Coinbase decided to suspend Ethereum Classic (ETC) transactions after being the victim of several attacks on the network. Gate.io, an exchange platform launched in 2017, announced that it had been the victim of fraudulent Ethereum Classic transactions. More than 219,000 were reportedly stolen, or about one million euros.

A 51% attack :

First of all, it is important to know that crypto-currencies are built on a blockchain. The blockchain could be compared to a public register, where all transactions are written. To validate a block, a machine must perform an operation that requires a certain amount of computing power. If a person or a group of people have a computing power greater than 50%, they can reorganize the blockchain, or create an alternative one, and that’s exactly what happened with ETC. The hackers transferred the coins to their own wallets.

The Gate.io exchange said it will reimburse losses up to 40,000 ETC.


Written by: Twitter https://twitter.com/TraderExi

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