51% attacker returns $100K worth of Ethereum Classic: Gate.io
Last week, cryptocurrency exchange Gate.io confirmed that 51 percent attack took place on Ethereum Classic network and that it would absorb the loss of roughly $200,000 worth of Ethereum classic – about 40,000 ETC. However, on Saturday the exchange stated that the attacker returned $100,000 in ethereum classic.
The exchange mentioned that they tried to contact the attacker but did not receive any reply so far. The exchange added, “We still don’t know the reason. If the attacker didn’t run it for profit, he might be a white hacker who wanted to remind people of the risks in blockchain consensus and hashing power security.”
Gate.io also warned stating that the hash power of ETC network is “still not strong enough” and that there is a possibility of another 51 percent attack. In the previous announcement the exchange explained the attack stating, “Gate.io’s censor successfully blocked attacker’s transactions at the beginning and submitted them to the manual exam. 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.”
At that time, the exchange identified three addresses that were tied to the attacker. In the new post on Saturday Gate.io said that the exchange has launched a “strict 51% detect for enhanced protection.” Bitrue, another crypto exchange also confirmed that they were also affected by the 51-percent attack.
According to the official Twitter account of the exchange, the attacker tried to withdraw 13,000 ETC, however, the system stopped it. Reportedly, SlowMist, a China-based security firm detected the 51 percent attack. It even gave the details in a blog post on Wednesday, last week. The firm also added that it is willing to work with the exchanges Gate.io, Bitrue, and Binance to help in locating the attacker.
Image via Shutterstock