Recall that the Ethereum Classic community has been busy with the discussion about the recent 51% attack that hit the network on 31st July 2020. The attacker reportedly stole the sum of 807,260 ETC worth $5.6 million.
The full investigation to unravel the identity of the perpetrator is still ongoing, with the promise to bring the person involved in the attack to justice.
Bitquery that has been updating the crypto community about the 51% attack shared the following:
- July 29–31. The attacker withdraws 807K ETC from a Crypto exchange to several wallets.
- Jul 31, 16:36 UTC. The attacker started mining blocks by purchasing the hash power for double price from Nicehash provider daggerhashimoto, as we found in the first article. The total cost of mining is approx 17.5 BTC ( ~$192,000 )
- Jul 31, 17:00–17:40 UTC. The attacker created private transactions, sending money to his/her own wallets, and inserted these transactions in the blocks he/she was mining. No one saw these transactions because the attacker didn’t publish the blocks.
- Jul 31, 18:00– Aug 1, 2:50 UTC. The attacker sends money back to the Crypto exchange using intermediary wallets on the non-reorged chain, which was visible to everyone. During this, the attacker has plenty of time (12 hours) to monetize this money.
- Aug 1, 4:53 UTC, the attacker publishes his/her blocks with the version of the transaction created in step #3 and executed the chain re-organization. It means that transactions on step #4 replaced with transactions on step #3
Some members of the cryptocurrency community are still wondering how the hacker will manage to cash out the stolen funds since any transaction initiated can be easily tracked.
Others are also of the opinion that the attacker did not steal the funds, but legitimately moved against a vulnerable chain.
As the investigation continues, Ethereum classic has instructed exchanges to notably increase the confirmation times of ETC.
Charles Hoskinson Gets In Touch with His Old Project
The co-creator of Cardano (ADA) reported that he joined the Ethereum Classic official Telegram channel a couple of hours ago.
What is of note was the jibe he threw at the self-acclaimed Satoshi Nakamoto, Craig Wright. He captioned the signatures that proved he’s the real Charles, what he believes Wright cannot do to prove himself as the real creator of Bitcoin.
Charles Hoskinson tweeted, “Hey look at that. I joined the ETC channel and just did something Criag Wright somehow can’t figure out how to do. Man those digital signatures are so complicated.”
Hey look at that. I joined the ETC channel and just did something Criag Wright somehow can't figure out how to do. Man those digital signatures are so complicated 🙂 pic.twitter.com/7uskZjRDrP
— Charles Hoskinson (@IOHK_Charles) August 7, 2020
In another tweet, Hoskinson wrote, “For those in the ETC community, we still have TwinsCoin on the shelf and Mantis https://cryptographylab.bitbucket.io/TwinsCoin.html if there was a treasury system in ETC, we’d be happy to come and innovate hard. I hate seeing the attacks and there is no reason to stay on V tech.”
Considering all these tweets coming from a person like Charles Hoskinson, anyone could guess whether a joint project is cooking between Cardano and Ethereum Classic, as he looks forward to seeing a crypto community that coexists.
Seeing all these tweets from the CEO of IOHK, Sydney Ifergan, a cryptocurrency expert tweeted as follows, “Wondering what is set to come if ETC (Ethereum Classic) and Cardano (ADA) get to work together. Ethereum Reinvented maybe!”
