Ethereum Classic (ETC), the digital asset that split from the second token after the Bitcoin (BTC) has been severely attacked by crypto miners. As per the report the miners operate serves that offer operations compatible with the Ethereum Classic software. The cryptocurrency is under siege as of press time.
Ethereum Classic (ETC) Price Today – ETC / USD
Coinbase: Deep Reorganizations of Ethereum Classic (ETC)
According to Coinbase following the report on Ethereum Classic, there has been an indept reorganization of Ethereum classic Blockchain. Because of these changes, at least $1.1 million worth of ETC have been made away with. This is roughly 51% of the digital currency.
Anthony Lizard, the United States director of the Ethereum Classic cooperative also gave evidence of the issue in a statement. According to him reports that fraudulent entities have put the digital currency under siege is accurate.
Since the security breach, Ethereum Classic (ETC) has experienced a halt in transactions initiated by Coinbase and other top exchanges. Despite being the 18th largest coin by market value, Ethereum Classic (ETC) has now stumbled downward by 7.3% since last week.
In the event that exchanges deem ETC unsafe to trade and remove it from their lists, the biggest collapse will in the Ethereum Classic history will likely occur. According to the director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University, Emin Gun Sirer, via an email, selling the digital asset once more can only be activated when the exchanges re-enable trading.
Attack on Ethereum Classic (ETC) a Major Setback
This ugly incident took place few weeks after the Main development team (core supporters of Ethereum Classic (ETC) Blockchain) broke from the group amid reports of financial difficulties. Donald McIntyre, a developer within the network who once worked for the group, described the attack on ETC as a major setback.” However, he remained optimistic that with the help of the new mining algorithm, the network would be better protected in the future.
Ethereum Classic is only the latest victim of 51% of hacker attacks against major cryptocurrency and exchanges. Smaller coins including Bitcoin Gold (BCG) and ZenCash have also suffered similar setbacks in the past.
With coins double spent, the Ethereum Classic blockchain has failed in its task. The currency has no future, according to Kyle Samani, who serves as the managing partner of Multicoin Capital a crypto hedge fund startup. In his words:
“It is surprising that ETC isn’t down by 50% or even lower.”
Samani made this known via email. Adding that the steps to be taken by the biggest investors regarding this issue is to hOld their assets ultimately making them unavailable for transactions.
Crypto Has the Potential to Be The Major Means of Exchange CoinFLEX CEO Says
According to the CEO of Coin Futures and Lending exchange CoinFlex, Mark Lamb, cryptocurrency has potential to be one of the major means of exchange. He acknowledged this during a talk about the prospects of the cryptocurrency market for the New Year. The Hong Kong-based CoinFLEX CEO had interesting news about the Bitcoin (BTC). He also saw the potential in Bitcoin Cash (BCH) and Ethereum (ETH) which according to Lamb can be leveraged by 20 times.