Ethereum Classic Hacker Stole 54,200 ETC from Crypto Exchange Gate.io

Cryptocurrency exchange Gate.io confirmed that it had lost about $220,000 worth of Ethereum Classic coins – about 40,000 ETC – during the ongoing manipulation of the project’s blockchain network.Blockscout, an Ethereum Classic blockchain explorer, confirmed reorganization attacks between block numbers 7261495 and 7261496. Per their data, a transaction containing 26,000 ETC was first spent during the mining of block number 7261492; the same transaction was again noted on block number 7261497.Almost all the exchanges have discontinued their ETC deposits and withdrawals but none of them – except Gate.io – have reported any losses. The situation leads to a scenario whereby attackers are holding all the stolen ETC with no options to liquidate them for fiat. Ideally, it should lead to a flat price action before the Ethereum Classic team comes up with a solution to entirely repeal the attack.

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