ETC 51% attack transactions passed Gate.io's manual exam, Kraken halts trading

08 Jan, 2019 | Updated: 08 Jan, 2019
by Fifi Arisandi
Update
ETC 51% attack transactions passed Gate.io's manual exam, Kraken halts trading

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:

0xb71d9CD39b68a08660dCd27B3EAE1c13C1267B10

0x3ccc8f7415e09bead930dc2b23617bd39ced2c06

0x090a4a238db45d9348cb89a356ca5aba89c75256

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.

Another exchange, Kraken just announced their halting ETC deposits and withdrawals temporarily on their platform, following Coinbase that detected the attacks in the first place.


“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.

Read more: Ethereum Classic hit by 51% attack, seeing double spends totalling $460,000

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