Everscale Partner
Representatives of the OKEx cryptocurrency exchange did not rule out the possibility of Ethereum Classic delisting as a result of the recent 51% attack.
The company reports that due to the actions of cybercriminals and the low security of the cryptocurrency network, it suffered a $ 5.6 million loss. From June 26 to July 9, they deposited 68,230 ZEC to her addresses, which were exchanged on July 31 for 807,260 ETC and withdrawn to their personal wallets.
At the same time, they began to form a “shadow chain” with the help of rented computing power, about which other cryptocurrency users knew nothing. They then re-contributed ETC to OKEx, simultaneously moving the same coins on their blockchain version between their own addresses, allowing them to be used up twice.
The ETC deposited in this way on the exchange were exchanged for ZEC, which then left its wallets. During the final stage of the attack, they transferred their version of the transaction history to other network participants, taking advantage of the fact that at that time their chain was already longer.
“Without organizing effective interaction with other members of the broader cryptocurrency community, including exchanges such as OKEx, wallets and ETC miners, the ETC community at this stage decided to continue the shadow chain transferred to it, since it turned out to be longer than the main chain,” writes OKEx.
The company took the losses from the attack on itself and suspended the possibility of depositing / withdrawing ETC. She is currently considering a delisting of the cryptocurrency. “The exchange will consider delisting ETC following the work of the Ethereum Classic community to improve the security of the chain,” explains OKEx.
