Ethereum Classic Core Developer, ETC Labs, Onboards CipherTrace to Investigate 51% Attacks

2020-8-9 18:30

Ethereum Classic’s lead development team, ETC Labs, is investigating the recent 51% hack after hiring Kobre & Kim, an investigations firm to lead its legal proceedings. The firm will also use blockchain analysis firm, CipherTrace services, who will work together with U.S. authorities to pursue criminal charges on the perpetrators of the $5.7 million hack.

In a press release this Friday, the core development and accelerator organization of the ETC blockchain stated they would also be working on better security systems after multiple 51% attacks in the past 20 months or so.

Terry Culver, the CEO of ETC Labs, rightly termed the hack as “manipulating a public blockchain to steal,” further stating there will be severe consequences.

“Together, we will cooperate with stakeholders and agencies in the United States and wherever else the investigation leads to analyze the transactions and to identify the responsible parties with the knowledge and motive to carry out these attacks,” Culver said.

“We are determined to protect the integrity of the ecosystem.”

The blockchain has been a victim of 51% attacks in the recent past – facing two successive attacks on July 31st and August 5, losing upwards of $5.5 million in a double spend. According to the statement, the second attempt was similar to the first as the hackers reorganized 4,236 blocks after probably buying hash power from Nicehash DaggerHashimoto, also used previously.

Hashing similar tones to Culver, CEO of ChipherTrace, Dave Jevans said,

“We are proud to help solve this pivotal case, which represents more than a major theft because it is an attack on the integrity of a major blockchain.”

Ethereum Classic has shown resilience in the past after facing 51% hashing power attacks. In January 2019, the blockchain suffered a reorganization attack but little changed on the market, as ETC only lost 6% following the attack. ETC currently trades at $6.84 on Coingecko charts, a sharp 17% fall from highs achieved on August 2, days before the second attack.

Ethereum Classic (ETC) Live Price 1 ETC/USD =$6.9261 change ~ 1.67%

Coin Market Cap

$805.59 Million

24 Hour Volume

$171.8 Million

24 Hour VWAP

$7

24 Hour Change

$0.1158 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETC~USD");

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

SIRIN LABS Token (SRN) на Currencies.ru

$ 0.001184 (-0.04%)
Объем 24H $1.512k
Изменеия 24h: 6.74 %, 7d: 1.42 %
Cегодня L: $0.001184 - H: $0.001184
Капитализация $0 Rank 5028
Цена в час новости $ 0.0124333 (-90.48%)

firm ethereum ciphertrace lead etc classic labs

Источник: bitcoinexchangeguide.com

firm ethereum → Результатов: 126


Russian Cybersecurity Firm Says Hackers Have Stolen $882 Million From Cryptocurrency Exchanges in Almost Two Years

A Russian cybersecurity firm has released reports stating that hackers have stolen $882 million from cryptocurrency exchanges in almost two years. $882 Million and Counting A cybersecurity firm based in Moscow, Group-IB, conducted research which revealed that hackers have stolen up to $882 million from digital currency exchanges.

2018-10-19 10:52


Multinational Security Firm Launches Cryptocurrency Custodial Solution

G4S, a multinational security company based in the UK has developed a “high-security” offline storage solution for cryptocurrency and other digital assets. Relying on its expertise in securing high-valued items and its risk consulting experience, G4S is delving into the crypto industry to offer secure, cold storage for virtual currencies.

2018-10-18 23:32


Blockchain Business in Crypto Valley Has Doubled Since Last Year: Report

The number of blockchain-related companies in Switzerland and Liechtenstein has doubled in the last year, according to a new study published by CV VC. The Zug-based firm, in partnership with Strategy& (PwC’s global consulting arm) and inacta, compiled information about the top 50 blockchain and digital asset companies between the two countries.

2018-10-11 00:18


Фото:

How Institutional Investors Might Be Accumulating Bitcoin (BTC)

Warren Buffet is also known as the Oracle of Omaha due to his time tested wisdom in the field of investing that has seen his firm of Berkshire Hathaway, fully own other companies such as  GEICO, Dairy Queen, BNSF Railway, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Pampered Chef, and NetJets.

2018-10-3 19:57


Фото:

SBI Ripple Asia Attains Payment License for their Revolutionary Money Tap App

The SBI Ripple Asia Co. Ltd that is headquartered in Tokyo, Japan, made a new step in launching their highly awaited Money Tap App that is scheduled for release this Fall. In a public notice, the firm made an announcement of the attainment of a payment license that will allow for the Money Tap Application […] The post SBI Ripple Asia Attains Payment License for their Revolutionary Money Tap App appeared first on Ethereum World News.

2018-9-26 12:59


Фото:

Singapore Determined to Become the First Country to Fully Embrace Cryptocurrencies and DLTs

Singapore is news again in the business world, and this time the star is the Monetary Authority of Singapore (MAS). During Coindesk’s 2018 Singapore Blockchain Week, the regulator stood out for presenting a reasonably clear vision of the crypto landscape, reinforcing the country’s firm decision to promote the development of blockchain technologies and embrace the […] The post Singapore Determined to Become the First Country to Fully Embrace Cryptocurrencies and DLTs appeared first on Ethereum World News.

2018-9-24 11:02


Фото:

LG Joins Ripple (XRP), Stellar (XLM) In Cross-border Remitting

LG Uplus, the mobile wing of LG, is joining the likes of Ripple (XRP), Stellar (XLM), and Swift, among others in providing the state of the art cross-border payment solution. The firm announced it joined with global partners in Japan, Taiwan and the United States to give subscribers the opportunity to use a blockchain-based overseas […] The post LG Joins Ripple (XRP), Stellar (XLM) In Cross-border Remitting appeared first on Ethereum World News.

2018-9-17 13:08


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Classic (ETC) Produces A Godlike Candle, How Far Can It Go?

Ethereum Classic (ETC) produced a godlike candle as the market’s sentiments changed to bullish against tether (USDT). The crypto market has become promising as most altcoins appear bullish, coming out of their shells with the like of Ethereum Classic producing double gains ahead of the “Ethereum Merge” sentiment pulling altcoins higher.

ETC Makes Fifth Attempt to Break Out Above $7.40

Both technical indicators and the wave count support the possibility of a  breakout, which would take ETC to at least $9. 30. Long-Term Resistance ETC has been trading below the $7. 40 resistance area since the rapid decline in March.