Ethereum Classic has been busy tweeting about the full investigation on How attacker stole 807,260 ETC ($5.6 million) during the 31st July Ethereum Classic ($ETC) 51% attack.
Bitquery has to state as follows:
- 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
While these serious investigations are happening one of the commentators stated, “I’m uncertain on the term “stolen”, I think it’s a totally legit move against a weak chain, very elegant IMO.”
And some are wondering how the hacker will be able to cash out when all the moves are trackable.
While all these are happening Ethereum Classic have requested exchanges to significantly increase the confirmation times; Use Core #Geth by @etc_core or HyperLedger Besu Node Clients; and to have miners to keep mining.
Ethereum Classic (ETC) and Charles Hoskinson
While ETC are busy with investigation of the 51% attack, Charles seems to get nostalgic getting in touch with his old projects.
Charles Hoskinson tweeted: “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.”
Further 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 :)”
While Charles has been tweeting all this, one Wizz the SlotPro (I might give away $GFG) tweeted: “Welcome in the world of $ETC #EthereumClassic Good choice!:)”
Sydney Ifergan, the crypto expert tweeted: “Wondering what is set to come if ETC (Ethereum Classic) and Cardano (ADA) get to work together. Ethereum Reinvented maybe!”
If you like the article, feel free to send a tip to our writers in ETC To : 0x6F047Ac7269C2888B2CB57D05A34A79Cf7a1D275 , or any other Cryptos via this link.
Thank You, The TCAT team.
