The crypto market has been abuzz in recent days with multiple reports indicating that this occurred due to the deep chain reorganization that hit the Ethereum Classic (ETC) Blockchain. There was a 51% attack on the Ethereum Classic software. This shakeup in the cryptocurrency space has also resulted in exchanges like Kraken and Bitfly closely monitoring the ETC transactions conducted on their networks. The platforms will continue to allow the trade of ETC on their exchanges.
Ethereum Classic (ETC) Price Today – ETC / USD
Kraken: Deplatforming isn’t The Way Forward
After Kraken’s announcement, the crypto exchange got into a tussle with a Twitter user who then asked Kraken to explain the reason why the exchange has continued to list the Ethereum Classic (ETC) token. Kraken gave the following reply:
“Ripple is just another example of a Blockchain network which has had its own problems. Bitcoin (BTC), Ethereum (ETH), and ZCash, to name a few have all had their own share of issues over the years. This is what crypto markets are for. People can disagree or invest accordingly. In the end, deplatforming isn’t the answer to situations like this.”
Ripple CTO: Ripple Different from XRP or XRP Ledger
Kraken’s comment was called out by David Schwartz who works as the Chief Technological Officer of XRP’s parent company Ripple. According to him:
“It doesn’t look like responsible when crypto exchanges misrepresent digital assets like this. Ripple is a single entity and private company, much different from XRP. Both entities are not interchangeable, and there is no disputing this.”
Schwartz made sure that his reply was focused on the fact that the Ripple network is just XRP’s parent company under the xRapid, xVia and xCurrent functions plus the XRP token itself. Many XRP enthusiasts went in the same part as Schwartz’s stating that the problem started from the crypto exchange and Kraken’s Twitter official handle.
One renowned XRP proponent backed Schwartz’s statements. The user goes by Dr T. According to him:
“Thank you for protesting for the accountability of the public. That twitter acc. hasn’t been acting professionally for a very long time now. I just don’t understand the way in which the industry as a whole will mature if a person like (@EDadoun) this will simply be asking for reasons?”
The Attack Was Foreseen Months Ago
Dr T further stated as per the report:
“The longer we stick to the Proof of Work tokens listed on multiple exchanges, the more it becomes inevitable that one day a 51% attack will make one exchange insolvent which will affect other digital assets ultimately culminating in a market may crash. This reality was revealed to Coinbase six months back.”
The 51% attack or deep chain reorganization that hit the Ethereum Classic (ETC) blockchain initially resulted in tokens worth over $460,000 manipulated on the network according to a Coinbase report at the time. Coinbase had this to say:
“We have observed a repeated deep reorganization on the Ethereum Classic software, most of which resulted in double spends. Further investigation has revealed that the overall value of double spends noticed as a result of the manipulation is 88,500 ETC which is to about $460,000.”