ETC Chain Attacker Pays Gate.io Back!
We all heard of 51% attack on ETC network and gate.io exchange lost over 100k USD worth of ETC this way. Today we got news that attacker possibly just wanted to prove a point and money came back.
On Jan.10, we found that the recent ETC 51% attacker returned 100k USD value of ETC back to Gate.io.
We were trying to contact the attacker but we haven't got any reply until now.
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 the risks in blockchain consensus and hashing power security
Based on our analysis, the hashing power of ETC network is still not strong enough and it's still possible to rent enough hashing power to launch another 51% attack. Gate.io has raised the ETC confirmation number to 4000 and launched a strict 51% detect for enhanced protection. We also suggest other ETC exchanges to take actions to protect the trader from blockchain rollback/reorg.
Worth to note that iIt currently costs less than $4,302 to attack ETC using NiceHash.if you know what you are doing.
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sounds like a good fella. I would have taken the money and run away :D
That's a good thing. White hat. Nothing serious happened, and perhaps it can be prevented in the future.
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The Blockchain is not mature enough to withstand those attacks probably.
theres many like that, some need attack worth 5 usd ;)
What about eos and steem? Are they safe? Relatively.
However it may sound: It's good that this happened. People needs to be aware that 51% attack is a serious threat. It's great that the attacker gave the money back but it might not be the case for the other ones that are coming. We may even expect "companies" that offer "stress-tests" of cryptocurrencies actually doing 51-attack-as-a-service business in the future. That is why we need much safer solutions. Not only obvious fork-checking of every crypto on all exchanges which easy to do and nobody knows why still not all exchanges have it. We need more secure blockchains in general which don't run on the rules we have most common today. Some crypto's developing teams took effort already to invent something new. In fact steem is already a little different, as well as NEO with it's vote-for-a-miner strategy but both of them are centralised to much for now. IOTA has very different approach, very promising, but still people doesn't seem to be much interested in it. What people care is when to buy which crypto on exchange and when to sell it. What they don't understand is that crypto may be a way more than just a speculation tool.
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