Ethereum Classic (ETC) suffered a 51 percent attack some hours ago, with users effectively being defrauded out of a large amount of funds. Many observers on Twitter have responded to this news, with one pointing out that ETC's value hasn't fallen as far as might be expected in the wake of the attack.
Coinbase reports that a reorganization of the chain by a mining pool with over half of the network's hash power eventually led to tokens worth upwards of $1 million being double spent.
Although news of the attack came out over 12 hours ago, the price of ETC doesn't seem to have been affected all that much. The token is down 3.94%, having slightly increased in value again in the last few hours.
Cant dump if no one will let you send— I am Nomad (@IamNomad) January 7, 2019
I assume dumpers are still waiting on the 400 confirmations.— BitcoinWTF (@BitcoinWTF) January 7, 2019
Commentators on Twitter suggest that this may be due to transactions being blocked on the network, with a new recommended number of confirmations much higher than before, preventing users from dumping as much as they otherwise would.
It's almost like the price wasn't directly correlated to the value of the network *before* the attack ...— Ethan Kravitz (@EthosVentures) January 7, 2019
How was it ever worth anything is a better question?— rsihunter (@cryptodeets) January 7, 2019
Others believed that the ETC price wasn't truly correlated to its value anyway, or claimed that it should never have been worth anything to begin with. Some suggested that the ETC community may be downplaying the importance of the attack, or even denying that it happened.
there are coins that dont have a developer, and are BLATANT scams, the real kind, and they will pump multiples. that's kjust how crypto is.— HELLO, 𝓘'𝕞 ₿𝕒𝕤𝕚𝕔𝕒𝕝𝕝𝕪 S𝕒𝕥𝕠𝕤𝕙𝕚 (@cryptoinventor) January 8, 2019
might take years for ETH classic to go to its fair value. most of the holders dont stay up on the news i guarantee it.
could ask the same of BTG, Monacoin, Verge, BTCP. All 51% attacked or suffering from a serious vulnerability. the truth is that a lot of these assets have dogmatic diehard communities that refuse to submit, and most tokens are held by them anyway.— nic carter (@nic__carter) January 8, 2019
Went to the Robinhood ETC chat and sure enough they called the attack fake news.... Oh boy.— Countergrind (@Countergrind) January 8, 2019