Ethereum Classic 51% Attackers Return $100,000 to Crypto Exchange Gate.io

Those responsible for the recent 51% attack on Ethereum Classic (ETC) have reportedly returned $100,000 worth of stolen funds to an affected cryptocurrency exchange, Gate.io, after the firm tried to contact the attacker.

According to a recently published post Gate.io hadn’t heard back from the attackers until now. Since some of the stolen funds were returned, the exchange now believes the hacker may have been a white hat hacker, and not someone trying to profit off of the move.

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

Gate.io noted, however, that its analysis found ETC’s blockchain is still vulnerable to attacks and, as such, has raised the number of confirmations on its platform to 4,000. It has also launched a “strict 51% detect for enhanced protection.”

It advised other crypto exchanges to adopt similar measures to protect themselves against similar attacks in the future. As CryptoGlobe covered, the exchange revealed earlier that it was affected by the 51% attack on Ethereum Classic, as it had to cover nearly $200,000 worth of losses after 40,000 ETC tokens were taken from its wallets.

While initially the development team behind ETC claimed the 51% appeared to not be an actual attack, it soon recognized it was. A private ETC mining pool has recently been found to be accumulating hashpower since the attack, which could mean it’s planning to do the same thing.

Meanwhile Grayscale Investments, the organization behind the Ethereum Classic Investment Trust (ETCG), informed some of the investors that contacted them about the incident that ETCG’s funds are “not at direct risk.”

This, as according to Vertcoin developer Gert-Jaap Glasergen, 51% attacks can only double spend the attacker’s own coins, not someone else’s. The risk, as such, is for those who accept ETC – or another attacked cryptocurrency - for goods and services, like cryptocurrency exchanges.

At press time, ETC is trading at about $4.55 after falling 2.3% in the last 24-hour period. After the attack, the cryptocurrency’s price dropped from about $5 to a $4.3 low.

Just How Did Binance Coin (BNB) Manage to Go Up in Value Over 236% in 3 Months?

On Thursday (April 18), the very strong Binance Coin (BNB) price rally that started roughly three months ago continued, with Binance's announcement about the mainnet launch of Binance Chain causing the token's price to increase another 12% to $21.78, bringing it even closer to its all-time high of $24.46 (reached in January 2018).

Let's start by looking at the three-month price chart for BNB:

BNB - Three Month CC Chart - 18 Apr 2019.png

According to CryptoCompare, BNB-USD went up from $6.48 on January 18 to $21.78 on April 18, i.e. an increase of over 236%.

What is behind that this highly impressive performance?

In short, tons of good news about Binance! Here are the main highlights:

Now, to get a better idea of the effect of today's announcement about the launch of the Binance Chain mainnet, we need to look at the 24-hour price chart for BNB:

BNB - 24 Hour CC Chart - 18 Apr 2019.png

The two big spikes you see in this chart, one around 07:00 (UTC + 03:00) and the other around 16:00 (UTC + 03:00) correspond to the following tweets from the Binance account:

 

Featured Image Credit: Photo by "xresch" via Pixabay.com