Gate.io Research Confirms Attack on Ethereum Classic, Promises to Reimburse User

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Crypto exchange Gate.io has confirmed that it had lost about $220,000 worth of Ethereum Classic coins – about 40,000 ETC – during the ongoing manipulation of the project’s blockchain network.

The company published an analysis of their findings on its platform during the alleged attack, claiming it has detected seven rollback transactions — four of which were reportedly conducted by the attacker, transferring a total of 54,200 ETC in total.

The incident occurred over a period of 4 hours between 0:40 and 4:20 Jan.7, 2019 UTC. Initially, the exchange managed to weed out dubious transactions, but some of the double-spends looked valid and were accepted by the system.

“Initially, the censor of the Gate.io successfully blocked the transaction of the attacker and sent them for manual inspection. Unfortunately, during the attack on 51% of all transactions look valid, and was...

Read More: https://bitzamp.com/gate-io-research-confirms-attack-on-ethereum-classic-promises-to-reimburse-users/