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Ethereum Classic (ETC) Flags Attacker’s Address to Prevent Further Attacks on Other Exchanges

The recent plunge in cryptocurrency prices has been attributed to the 51% attack on Ethereum Classic which resulted in the stealing of 54,200 coins. The reactions that followed the hack was expected as the market quickly went red, with virtually all the cryptocurrencies (except a few) shedding prices.

Ethereum Classic has, however, adopted some damage control by engaging their community to help identify the attacker and how to mitigate the damage. Within a space of 24 hours, they have come up with cheering news that should reduce the level of panic among users.

In an official tweet from their handle, Ethereum Classic reveals that the attacker’s address has been identified and shared with their partners. The tweet reads thus: “Attackers address has been flagged & shared with partners to prevent further attack on other exchanges. The identity of the attacker can finally be located if the relevant exchanges are willing to assist.”

Earlier, a tweet was sent, informing the public that “A community organized call was conducted to go over the main points regarding the recent attacks on ETC, analyze the community reaction, and diagnose possible solutions and next steps.”

It is heartwarming that tangible mechanisms are being put in place to limit the spread of attacks to other platforms. Nevertheless, other exchanges owe their users and investors a duty to see that their investments are protected by keeping a watch on the identified attacker’s address.

Crypto market lose over 10% in a single day

Bitcoin and other altcoins have responded badly to this development by plummeting in prices. For instance, Bitcoin which was already showing signs of recovery and closed at $4035.30 the previous day limped to as low as $3637.10, making it the second lowest price since Dec 18, 2018, when its opening price was $3,577.

Ethereum also dropped from $150.80 to $127.90, shedding about 15% in the process. Litecoin equally lost about 14.7% to $33.42. The same is true for Bitcoin Cash which dropped 15.3% to trade at $133.90

The entire market is in the reds at the moment and nobody is sure when it would recover and how soon that would be. The periodic strikes by hackers on exchanges have continued to instil fears in the minds of potential crypto investors and those who have invested some money are not sure of the safety of their investments.

Users express surprise at attack

Reacting to the news on the discovery of the attacker’s address, one of the Twitter users with the handle @AhmQaz1, simply said: “I thought these 51% attacks were almost impossible.”

Another user named Soldat (2.6K Followers), with the handle @Bl0ckchain, also said “The best solution against 51% attack is definitely @KomodoPlatform #dPoW (delayed Proof of Work) to protect any blockchain with #Bitcoin security level! Already used by more than 40 blockchains…”

Several exchanges keep reassuring their users that their investments are safe. Nonetheless, attackers still hack some of the sites with relative ease. This calls for more to be done in the area of providing adequate security on the platforms to make it harder for these faceless hackers to have a feed day.

We like to hear your opinions. Do you think exchanges are really doing much in terms of security on their sites? Please share your views using our comment section below.