Gate.io which is a leading cryptocurrency exchange platform
has revealed that it had lost around $220000 worth of ETC(Ethereum Classic
Coins) at the time of the ongoing network of the blockchain project.
The company confirmed yesterday that the ETC was around
under the 51% attack, in which just the single individual person can event ake
the control of the more than half of the hash power that it even allows
rewriting its entire transaction history and simply double up the spend coins.
“It happened between
0:40 Jan.7, 2019 and Jan 4:20 Jan.7, 2019 UTC for about 4 hours,” Gate.io
revealed in a blog post. “All the transactions were confirmed normally on the
ETC blockchain and became invalid after the blockchain rollback.”
According to the details which have been revealed, the ETC
rate was fluctuating between the $5 and $5.25.
“Gate.io’s censor
successfully blocked attacker’s transactions at the beginning and submitted them
to the manual exam,” explained Gate.io. “Unfortunately, during the 51% attack,
all the transactions looked valid and confirmed well on the blockchain. The
examiner passed the transactions. It caused about 40k ETC loss due to this
attack. Gate.io will take all the loss for the users.”
The American crypto exchange platform which first of all
brought the 51% attack before the press release, revealed that the hackers were
still working on the ETC and had also hacked the 219500 ETC coins which are
worth of around million dollars.
All the crypto exchanges platform as of now has discontinued
the withdrawals and deposits of the ETC but apart from the Gate.io have
revealed any type of loses. Now the hackers, are working on holding all the ETC
with no other options to liquidate them for the fiat.