Topic: OKEx suffered the loss of $5.6 million of the recent attack on ETC network. (Read 169 times)
September 24, 2020, 11:09:48 AM
any update on this? Dep & withdraw ETC has been suspended for a month.
August 20, 2020, 09:36:25 AM
ETC is an insecure project and I think that after these hacker attacks people will stop believing in this project. I think that soon we will see how the community will begin to get back their money from this coin
The problem here should be solved by some major updates or forks, for several reasons; - ETC is a classic project running since years, you could imagine how big the liquidity is. OKEx exchange has a big reserve in ETC so imagine if we stop believing in ETC how big the loss could be.
- Think about apps and protocols developped at top of Ethereum-Classic network, they will be crashed if ETC stop running: https://ethereumclassic.org/ecosystem/apps-and-protocols
August 19, 2020, 09:43:46 AM
I'm concerned how much this could affect ETC's reputation because is not able to protect the very concept it defended back in 2016 when people decided to keep supporting the chain holding the DAO hack. Immutability and decentralization is the core concept of ETC and these attacks show that decentralization is an issue.
August 19, 2020, 09:29:12 AM
ETC is an insecure project and I think that after these hacker attacks people will stop believing in this project. I think that soon we will see how the community will begin to get back their money from this coin
August 19, 2020, 08:11:26 AM
I have seen this article by Okex. Even they say that if ETC does not update their security, Okex will surely delist ETC from their exchange. Btw ETC had a lot of problems with 51% attacks, if I remember correctly they have encountered 3-4 similar attacks in the past 3 years.
Yep they suffered three 51% attacks in about 2 years 1st one was back in Jan 2019 then now in Aug they suffered two 51% attacks within a week state of the network is not looking good right now. This was official response of Hao “Given ETC’s popularity and standing, we are not rushing into delisting,”
August 19, 2020, 07:32:17 AM
This is bad for Ethereum Classic when every major project is looking to move forward the team will now be grounded in this mess. I read a post that said what prevented another hacker from doing the same thing if there is no quick fix to the issue on ground. The best thing they need now is for them to most to POS unlike they want the project to be the next Worldcoin
August 19, 2020, 07:03:13 AM
I have seen this article by Okex. Even they say that if ETC does not update their security, Okex will surely delist ETC from their exchange. Btw ETC had a lot of problems with 51% attacks, if I remember correctly they have encountered 3-4 similar attacks in the past 3 years.
August 19, 2020, 03:12:20 AM
The first attack on the ETC network occured last July 31 caused the loss of $5.6 million as revealed by ETC devs and a blockchain analysis firm. In the investigation made by the blockchain analysis firm, it was mentioned that OKEx wallets were involved during the hack. Later this month, OKEx exchange published an article decribing how the attacker used the exchange to purchase and trade ETC and that the exchange suffer the loss of the full hacked amount announced by several investigation parts. In the same article, OKEx clarifies that the loss was fully borne by the exchange and did not cause any loss to its users.
As a result, the exchange suspended all deposits and withdrawals for ETC and plans to delist ETC.
Link to article: https://www.okex.com/academy/en/okex-responds-to-ethereum-classic-51-attacks-reveals-its-hot-wallet-system-incident-report [Must read]
As a result, the exchange suspended all deposits and withdrawals for ETC and plans to delist ETC.
Link to article: https://www.okex.com/academy/en/okex-responds-to-ethereum-classic-51-attacks-reveals-its-hot-wallet-system-incident-report [Must read]
I read a few months ago that coins which have less Hashing power are suspectable to this kind of attack. I didn't realize ETC had less hash that can be controlled by malicious party.
August 19, 2020, 02:47:09 AM
Lmao, why does anybody still use Ethereum Classic?
This thing has been attacked more times than practically any other blockchain I know of.
If it isn't even decentralized enough to keep user money safe, then why on earth is it still being built on or have value?
Good time to short ETC, it's only down from here. Several attacks this year is too much to overcome, especially given that it has no marketing team lol.
This thing has been attacked more times than practically any other blockchain I know of.
If it isn't even decentralized enough to keep user money safe, then why on earth is it still being built on or have value?
Good time to short ETC, it's only down from here. Several attacks this year is too much to overcome, especially given that it has no marketing team lol.
August 19, 2020, 02:27:09 AM
It's just a matter of time before ETC got delisted from various exchanges. If they can't solve their 51% attack problem, no one will use it anymore. It's a really terrible decision to even hold them when their network security is questionable.
August 19, 2020, 01:36:01 AM
Only delisting is not a good idea. Okex already falls behind other good exchange on volume and with ETC gone, ETC traders would move on to other exchanges. Exchanges like Binance and Huobi are already leading the ETC trade. If other exchange can keep their ETC safe, so should Okex.
Its not that they cant protect it but the concern is their loss as well too. We all knew that its one of the big exchanges and maybe they come up with a solution to lessen the damage made by etc network attack events. Thats true other user would shift exchange but it does not mean they will leave but probably only for etc coin.So sorry for etc investors probably they are really pissed off right now for back to back bad news including this one.
August 19, 2020, 01:32:48 AM
Already they have a weak volume and now the hack story will completely dent their reputation and eventually they will lose the trust. It is better to avoid OKEx in the future, if this can happen to one cryptocurrency then it can happen to others too.
August 18, 2020, 11:02:49 PM
Only delisting is not a good idea. Okex already falls behind other good exchange on volume and with ETC gone, ETC traders would move on to other exchanges. Exchanges like Binance and Huobi are already leading the ETC trade. If other exchange can keep their ETC safe, so should Okex.
But I'd personally not recommend anyone to hold or trade in ETC, it's still being traded just because some whales hold a good amount. When the dump all their coins, the prices would come crashing.
But I'd personally not recommend anyone to hold or trade in ETC, it's still being traded just because some whales hold a good amount. When the dump all their coins, the prices would come crashing.
August 18, 2020, 06:58:57 PM
plans to delist ETC.
They have to if it brought them a disaster, there's no reason for this coin to be listed. Coinbase had a solution for it and that is by delaying the crediting of it to the account of their users. We're going to see only two options for other exchanges that have it.Delist or delay.
Funnily enough, in spite of how inconvenient it is to transact with ETC securely, the price hasn't gone through any massive drops.
Seems that both two recent attacks occured in exchanges storing big liquidity of ETC. OKEx is one of them and the loss was fully borne by the exchange and did not cause any loss to its users. 
August 18, 2020, 06:11:28 PM
plans to delist ETC.
They have to if it brought them a disaster, there's no reason for this coin to be listed. Coinbase had a solution for it and that is by delaying the crediting of it to the account of their users. We're going to see only two options for other exchanges that have it.Delist or delay.
Funnily enough, in spite of how inconvenient it is to transact with ETC securely, the price hasn't gone through any massive drops.
August 18, 2020, 05:49:06 PM
plans to delist ETC.
They have to if it brought them a disaster, there's no reason for this coin to be listed. Coinbase had a solution for it and that is by delaying the crediting of it to the account of their users. We're going to see only two options for other exchanges that have it.Delist or delay.
August 18, 2020, 05:40:28 PM
^ The algorithm of OKEx is weak, so better to change it as soon as possible and secure as they can, the incident might happen again. 5.6 million is easy money for hackers. Does the OKEx, dev figure out who the hell it was?
According to the report made by OKEx, the hacker registered five accounts preparing for the hack attempt. Four of them finished level three on KYC (registered from Russia) and one in level two (registered from Hungaria). OKEx promised to continue the investigation by itself and revealed the addresses used by the hacker to send/withdraw ETC and ZEC (used to purchase ETC)."If a single malicious miner or group of miners were to gain control of more than 50% of the mining power on the network — in what is known as a 51% attack — then they would be able to alter historical blocks and reverse transactions that they initiated".
Does it mean that Miners can take full control and manipulate the transaction, and they get busted when the double-spending popped out?
August 18, 2020, 05:20:28 PM
plans to delist ETC.
They have to if it brought them a disaster, there's no reason for this coin to be listed. Coinbase had a solution for it and that is by delaying the crediting of it to the account of their users. We're going to see only two options for other exchanges that have it.Delist or delay.
August 18, 2020, 05:01:55 PM
^ The algorithm of OKEx is weak, so better to change it as soon as possible and secure as they can, the incident might happen again. 5.6 million is easy money for hackers. Does the OKEx, dev figure out who the hell it was?
"If a single malicious miner or group of miners were to gain control of more than 50% of the mining power on the network — in what is known as a 51% attack — then they would be able to alter historical blocks and reverse transactions that they initiated".
Does it mean that Miners can take full control and manipulate the transaction, and they get busted when the double-spending popped out?
"If a single malicious miner or group of miners were to gain control of more than 50% of the mining power on the network — in what is known as a 51% attack — then they would be able to alter historical blocks and reverse transactions that they initiated".
Does it mean that Miners can take full control and manipulate the transaction, and they get busted when the double-spending popped out?
August 18, 2020, 03:22:01 PM
The first attack on the ETC network occured last July 31 caused the loss of $5.6 million as revealed by ETC devs and a blockchain analysis firm. In the investigation made by the blockchain analysis firm, it was mentioned that OKEx wallets were involved during the hack. Later this month, OKEx exchange published an article decribing how the attacker used the exchange to purchase and trade ETC and that the exchange suffer the loss of the full hacked amount announced by several investigation parts. In the same article, OKEx clarifies that the loss was fully borne by the exchange and did not cause any loss to its users.
As a result, the exchange suspended all deposits and withdrawals for ETC and plans to delist ETC.
Link to article: https://www.okex.com/academy/en/okex-responds-to-ethereum-classic-51-attacks-reveals-its-hot-wallet-system-incident-report [Must read]
As a result, the exchange suspended all deposits and withdrawals for ETC and plans to delist ETC.
Link to article: https://www.okex.com/academy/en/okex-responds-to-ethereum-classic-51-attacks-reveals-its-hot-wallet-system-incident-report [Must read]
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