Gate.io exchange ready to cover losses after 51% attack

Posted 09 January, 2019

Gate.io will reportedly cover losses amounting to some ETC 40,000 or $200,000 after the recent the 51% attack in Ethereum Classic blockchain.

On January 8, the company's research department made a statement in its blog that confirmed the 51% attack. The project experts studied the matter and detected three possible addresses that are said to be controlled by the hacker.

"Three of the attacker's ETC accounts are identified as follows: 0xb71d9CD39b68a08660dCd27B3EAE1c13C1267B10,
0x3ccc8f7415e09bead930dc2b23617bd39ced2c06, 0x090a4a238db45d9348cb89a356ca5aba89c75256", reads the report.

The company spokesperson said that they successfully blocked suspicious transactions transferring them to manual checking, adding "during the 51% attack, all the transactions looked valid and confirmed well on the blockchain and the examiner passed the transactions".

With this attack, the users have lost ETC 40,000 and the exchange expressed its readiness to restore all these funds. 

"We suggest the ETC dev team and the community build a new consensus mechanism (PoS for example) to better protect ETC network from 51% attack," warned the company in the report.

Notably, another crypto trading platform Coinbase detected double spending due to a reorganization of Ethereum Classic blockchain this Monday. Moreover, the exchange CEO stated that the company would not resume the deposit/withdrawal of ETC until this activity is proven to be safe.

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