August 4, 2021

OKEx allows Ethereum Classic to be delisted

The cryptocurrency network suffered losses of $ 5.6 million as a result of a hacker attack. The marketplace took damage to itself, but stressed the asset's lack of security.

Cryptocurrency exchange OKEx allowed the possibility of delisting Ethereum Classic after an attack of 51% on the altcoin network.The company said the hack resulted in losses of $5.6 million.From June 26 to July 9, the hackers entered the addresses of the site 68 230 zEC, which on July 31 exchanged for 807 260 ETC and brought to personal wallets.

At the same time, criminals with the help of leased computing power formed a "shadow chain" about which was not known to other users of the cryptocurrency.They then spent ETC twice by re-introducing the OKEx coin, while moving the same coins in their version of the blockchain between their own addresses.

The ETC contributed in this way were exchanged for the ZEC,which then left her wallets. During the final stage of the attack, they transferred their version of the transaction history to other network participants, taking advantage of the fact that at that time their chain was already longer.

OKEx took over the losses and suspended the entry andETC withdrawal. The company is now considering delisting the altcoin. The exchange will make a decision based on the work of the asset community to improve the security of its network.