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Another Crypto Exchange Confirms 51% Attack on Ethereum Classic

Crypto exchange Gate.io also detected a 51% attack on the Ethereum Classic blockchain. The attackers managed to double spend ETC coins worth more $271,000. Exchange promises to pay damages to customers.


At the end of last week, Coinbase, one of the largest cryptocurrency exchanges, said the blockchain Ethereum Classic had been suffered form 51% attack. Because of it, attackers were able to double spend ETC on more than $1.1 million.

Now another trading platform - Gate.io - also confirmed the attack. According to the exchange, early in the morning of January 7, attackers concluded a double spend of 54,200 ETC, which is about $271,500 at current prices. Employees immediately managed to determine something was wrong with these transactions and blocked them. But due to the 51% attack, the Ethereum Classic blockchain confirmed the transactions, and the attackers received the money.

Gate.io promises to reimburse all losses of customers. The exchange will also increase the minimum required amount of ETC transaction confirmations to 500, and introduce more stringent security measures.

In addition to Coinbase and Gate.io, a 51% attack on the Ethereum Classic blockchain was noticed by two Japanese crypto exchanges - bitFlyer and Coincheck. Also, the attack was confirmed by the Chinese research company Slow Mist.

The developers of Ethereum Classic drop the charges. According to them, the hashrate concentration in the system was due to the testing of new ASIC miners. But there was no 51% attack, as well as double spending of coins.

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