Ethereum Classic Trust Funds Not at ‘Direct Risk’

In the wake of a 51 percent attack on ethereum classic (ETC), the manager of an investment vehicle that holds the cryptocurrency has been fielding inquiries from investors looking to understand if the underlying assets in the fund are safe, CoinDesk has learned“Double spending can only be done by the original sender of the coins — so an attacker can only double spend his own coins, not someone else’s,” the Vertcoin developer, Gert-Jaap Glasbergen, said in the article. “So, the main risk of 51 percent attacks and blockchain reorgs is with people [who] accept the blockchain’s asset; and mostly when they do so in large amounts in exchange for virtual goods or services that are non-reversible.”Grayscale appears to have stayed out of the developer community’s discussions of the attack. Yaz Khoury of the Ethereum Classic Cooperative, which supports the development of the protocol, said that although Grayscale provides a fair amount of funding to his organization through the trust, “other than provide financial help and advice to the Cooperative, they’re very hands-off in how we manage to help the ETC community and ecosystem.”


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