It’s one heck of a time to own Ethereum Classic (ETC), isn’t it? The currency is now booming in price after suffering a 51 percent attack three months ago in January.
Ethereum Classic: The “Forgotten” Crypto?
The currency is presently up by more than 35 percent and is trading for over ten dollars. Some analysts believe that this is just a strong case of FOMO (fear of missing out), while others go so far as to suggest that the crypto winter is officially over. After all, bitcoin recently spiked beyond the $5,000 mark, while other currencies including Litecoin, Ethereum and EOS are all up with it.
Others are concerned this might be a traditional case of the old pump-and-dump. Jehan Chu – managing partner at Kenetic – thinks there may be more to the story than meets the eye. Discussing Ethereum Classic, he mentions:
The recent price surge across a range of left-behind tokens such as Ethereum Classic demonstrates that the smaller crypto markets are still emotionally driven. The fervor and froth whipped up in these communities quickly become significant price waves. On the other hand, when these waves crash, they’ll inevitably leave some bodies on the rocks.
He later added:
It’s no secret that ETC technical development lags behind many other protocols, but perhaps the price move may reignite interest beyond token speculation into real long-term project growth.
In the back of every trader’s mind is likely the occurrence of the 51 percent attack last January. The event occurred through hackers that had rolled back transactions on Gate.io and ultimately stole approximately 54,000 ETC tokens.
Gate.io later released the following statement:
All the transactions were confirmed normally on the ETC blockchain and became invalid after the blockchain rollback… We suggest all platforms to block the transactions from the attacker’s [listed] accounts. Gate.io’s censor successfully blocked attacker’s transactions at the beginning and submitted them to the manual exam. Unfortunately, during the 51 percent 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.
ETC Finds a New Home Through Circle-Owned Poloniex
Two days ago, on April 9, ETC was released for lending on the Circle-owned exchange Poloniex. Users of the exchange could ultimately lend their Ethereum Classic funds out to other individuals and gain interest on what was being borrowed.
The addition of ETC came at a time when Poloniex was undergoing serious changes. Among these changes were a “major systems upgrade” that allegedly improved wallet functionality and performance and enhanced transaction speeds. In addition, fees were subsequently lowered, and the exchange began listing Grin, later contributing funds to the Grin General Fund.