Recently, the Ethereum Classic blockchain network was reported to be under a 51% attack. Based on a recent report from a popular crypto exchange— Gate.io, an anonymous individual or group has returned a part of the money reportedly lost during the 51% attack. The exchange made it known that $100,000 USD in ETC has been paid into its official ETC wallet.
A Lesson for the Crypto Community?
The return of this money has raised several questions about the intention of the people behind the 51 percent attack of the network. Some report has pegged them to be white-hat hackers.
According to the Gate.io team, the exchange has done all it can to contact those behind the payment but to no avail. Also, the attackers have not given any reason behind the return.
However, speculations in the crypto community have favored the fact that “the attackers are basically trying to raising awareness about the risks associated with the use of cryptocurrencies, trading and the security of a blockchain through Proof of Work.”
Gate.io has also released a post on its official blog addressing the incident. Excerpt from the blog post reads:
“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 of the risks in blockchain consensus and hashing power security”.
The Gate.io Team Said the Attack Might Happen Again
The Gate.io team has also commented on the possibility of such type of attack happening all over again. Their reasons lie in the fact that renting the necessary hash power to gain control over 51% of the ETC blockchain is quite cheap.
The exchange stated that:
“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.”