Gate.io confirmed that the attacker passed the manual exam, which caused them 40K loss.
Following the confirmed 51% attack on the Ethereum Classic network just hours ago, crypto trading platform, Gate.io released a more detailed information regarding the incident.
The research team confirmed the attacks happened for about 4 hours between 00.40 and 04.20 UTC on January 7th, using the below ETC accounts:
Moreover, Gate.io mentioned that although their censor managed to block the attacker’s transactions when it started and switched them to the manual exam, the examiner passed them, which resulted about 40K loss in ETC.
The analysis suggested that all transactions looked valid and confirmed well on the blockchain during the 51% attack, which lead the team to enhance its protection by raising the ETC confirmation number to 500 and launching a new 51% detect.
Gate.io will bear the incurring lost out of their users, while suggesting the ETC team and community to build a new consensus mechanism.
Ethereum Classic (ETC) funding has been disabled due to the ongoing 51% attack on the network. Funding will be resumed when the network's health has stabilized. Trading continues, for now. Follow the incident at https://t.co/Zsx36qQe5O— Kraken Exchange (@krakenfx) January 8, 2019
“We will continue to monitor the situation but will bring ETC funding back online only once we believe it is safe to do so,” said Kraken team just hours ago.
Furthermore, the exchange also increased the number of confirmations to 500, which will take almost 2 hours for ETC deposits.
“We will continue to monitor the situation and lower it back to 120 confirmations once our developers believe it is safe to do so,” they added.
Pricewise, ETC is down by 7.33% and hovers around $4.92 as of writing time.
What will happen to the ETC network after the 51% attack? Stay with Chepicap for more updates.