Exchange Says $200K in Ethereum Classic Lost As Blockchain Attacks Continue

Cryptocurrency exchange Gate.io said Tuesday that it will absorb the loss of roughly $200,000 worth of ethereum classic – about 40,000 ETC – in light of a series of blockchain history rewrites that continue to occur.

In a blog post, the exchange said it had confirmed the 51 percent attack – whereby an entity controls sufficient computing power to alter the network’s transaction history and double-spend coins – and identified three addresses that it said are tied to the attacker in question.

“Gate.io’s censor successfully blocked attacker’s transactions at the beginning and submitted them to the manual exam. Unfortunately, during the 51% attack, all the transactions looked valid and confirmed well on the blockchain. The examiner passed the transactions. It caused about 40k ETC loss due to this attack. Gate.io will take all the loss for the users,” the exchange said in its statement. The press-time price of ETC is $4.97 per token, according to CoinMarketCap.

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