Ethereum Classic (ETC) Outperforms Ethereum (ETH), Bitcoin (BTC) After Double Spend Attack - Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News
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Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Ethereum Classic (ETC) Outperforms Ethereum (ETH), Bitcoin (BTC) After Double Spend Attack

Altcoins

Ethereum Classic (ETC) Outperforms Ethereum (ETH), Bitcoin (BTC) After Double Spend Attack

Not long after Ethereum Classic (ETC) witnessed a double spend attacked, which according to Coinbase, amounted to 219,500 ETC (~$1.1M), the digital currency is now outperforming Ethereum (ETH) and at some point, Bitcoin (BTC).

A cryptocurrency enthusiast, by the name, Kelvin Rooke, hinted that Ethereum Classic outperformed Ethereum by 7%.

He said: “Last week Coinbase announced a 51% attack on Ethereum Classic worth over $1 million in double-spends. Since then, Ethereum Classic has *outperformed* Ethereum by 7%.”

While many say it may not be a 51% attack, because the hack heightened the value of ETC, some are of the opinion that some miners are planning to switch to ETC and see if the blockchain is opened to mining, rather than follow the POS trend embarked on by ETH.

Remember that at the moment, it is impossible to move ETH to any exchange owing to the attack, still, the digital currency is witnessing an increased value.

Ethereum Classic (ETC) 51% Attackers Returns $100,000

Information reaching us stated that Ethereum Classic 51% attackers have returned 100,000 to Crypto Exchange Gate.io.

As contained in the exchange’s official blog update, on Jan.10, attacker “returned 100k USD value of ETC back to Gate.io”.
According to the exchange, the attacker may be a white hacker who performed the action to remind the blockchain space of the risks in blockchain consensus and hashing power security.

“We were trying to contact the attacker but we haven’t got any reply until now,” Gate.io stated.

“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 the risks in blockchain consensus and hashing power security.”

According to the update, the hashing power of ETC network is below standard at the moment, and attackers may rent adequate hashing power to possibly kickstart another 51% attack.

Also READ  Former American League Rookie Predicts Bitcoin (BTC) Will Rise By 8% Then Drop 33%

Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple blockchain news portals in the US and the UK.Oliver is among the earliest followers of cryptocurrency and blockchain.His interest varies from Political Agendas to recent Technological advancements and now, cryptocurrency acceptance and institutional investing in blockchain.He is now a full-time contributor to TODAY'S GAZETTE.Email: oliver.green@todaysgazette.com

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