OKEx Mulls ETC Extinguishing after Losses from two 51% Attacks

August 18, 2020


OKEx has affirmed lost roughly $5.6 million in Ethereum Classic (ETC) from two late 51% assaults and is thinking about expelling ETC from its trades. 

However, as the digital currency trade with the most elevated exchanging volume of ETC, OKEx recognized that expelling ETC from exchanging would not be a simple choice to make, as per Jay Hao, CEO of the trade.

The Malta-based cryptocurrency exchange has completely repaid all unpaid ETCs to its customers as part of its consumer security strategy, according to a study released by OKEx on Saturday, and all ETC deposits and withdrawals have been halted due to attacks.

The second attack took place only five days later, losing about $1.68 million worth of ETC. After the attacks, the fate of Ethereum Classic has remained in doubt. Right now, 51 percent of attacks are a fact right low-cap cryptocurrencies, said ETC Coop Executive Director Bob Summerwill.

OKEx also stated about its hot wallet system, offering more transparency about the withdrawing and depositing process by its hot wallet system. According to a report shared by OKEx, over 95% of funds at OKEx are kept in its cold wallet and the rest 5% funds are kept in its hot wallet system, which has disposed of both online and semi-offline risk management systems. 

We discovered that our vigorous hot wallet framework worked precisely as structured however we additionally discovered a few different ways to improve it are as yet chipping away at this. Correspondence and collaboration are key in space and these are missing as of now from our relationship with ETC, which is the reason we keep on observing what their best courses of action will be, Hao said.

However, Ethereum Classic’s price was valued at $7.49, up by 4.12% in the last 24 hours. 

Image Courtesy : Pixabay

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