The alleged organizer of the “51% Attack” on the ETC network transferred back $ 100,000 to Gate.io. bitcoin exchange. It was stated by its representatives on their Twitter account:
The recent ETC 51% hacker has returned $100k worth of ETC back to https://t.co/8kWqgDWNXb on the 10th of January. We have raised the ETC confirmation number to 4000 and launched a strict 51% detection for enhanced protection.
— gate.io Exchange (@gate_io) January 12, 2019
As a result of the attack, the users of the Hong Kong Stock Exchange had lost about 46,000 ETC. The representatives of the exchange were going to recover the money lost at their own expense.
However, last Saturday, Gate.io reported that an unknown hacker returned about half of the stolen funds. The company tried to contact the hacker. So far, the reasons he returned the funds have not been clarified since the hacker have not responded.
The representatives of the exchange guessed that if the organizer did not seek to profit, it could be a white hacker who wanted to remind people of the risks. Gate.io also noted that the current hashrate of the ETC network is not high enough, which means that the attack might happen again.
Now a successful transaction in the Ethereum Classic network on Gate.io requires about 4000 confirmations. The exchange is confident that this measure will enhance security and recommends other crypto platforms to stick to such measure to protect traders.
We remind you that despite the significant losses of the Gate.io users, the hackers used a simple hacking algorithm:
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/