OKEx denies the delisting of Ethereum Classic after the attack
OKEx denies the delisting of Ethereum Classic after the attack

OKEx denies the delisting of Ethereum Classic after the attack

By Alfredo de Candia - 18 Aug 2020

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Following two recent 51% attacks on Ethereum Classic (ETC), which led to the loss of about $6 million, there were rumours that the OKEx exchange wanted to delist the asset.

However, it was denied today and the CEO of the exchange, Jay Hao, explained that Ethereum Classic will remain listed.

From the information that OKEx shared about the attack on the ETC network, it appears that the criminals, who appear to be Latvian and Russian, have exploited this exchange to liquidate the stolen funds.

Unfortunately, the Ethereum Classic network does not have enough power to withstand 51% attacks, so it is very easy to get more than half the power of the network.

For example, by comparison, even Dogecoin (DOGE) has more power than ETC.

okex ethereum classic

At this point, OKEx, although it has suffered a significant loss and has compensated its users, has chosen not to delist the asset but to enhance security procedures.

For its part, Ethereum Classic will increase the number of confirmations of the blocks, so as to make the system safer and have greater certainty that there will be no more episodes of this kind.

The exchange will reveal the cold wallets, where 95% of the funds are held, and the hot wallets so as to make it transparent to users and show that the exchange itself has not been involved in any dubious operation with user funds.

It should be noted that only last year Ethereum Classic had suffered another 51% attack, but despite the problems of the time the project came out on top and has been active for 4 years now.

In the meantime, the value doesn’t seem to have suffered any serious shock, since it’s traded at about $7 and is located at position 25 on CoinMarketCap.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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