The cryptocurrency exchange OKEx confirmed a loss of $5.6 million as a result of the recent 51% attack on the Ethereum Classic network and is considering a full delisting of ETC. Nevertheless, in the last 24 hours the coin rose by 4%.
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According to заявлению OKEx от 15 августа, during the period from 26 June to 9 July the attackers deposited 68,230 ZEC into the exchange’s addresses. On 31 July, during the first of two attacks, they exchanged these coins for 807,260 ETC, which were withdrawn to their personal wallets.
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In the final stage of the attack, taking advantage of the fact that at that time their ETC chain was longer, the attackers broadcast their version of the transaction history to other participants in the network.
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Because of the low level of network protection, OKEx’s customer losses amounted to $5.6 million. The exchange reimbursed the losses from its own funds and is currently considering delisting ETC. A decision will be made following the Ethereum Classic community’s work on improving security, the company said.
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Despite the threat of delisting, the coin’s price rose 4% in the last 24 hours. At the time of publication, ETC’s volume-weighted average price (VWAP) was $7.20, roughly in line with the levels at which the asset stood on August 6.
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Data: CoinGecko
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Earlier, a recent series of attacks on Ethereum Classic began on August 1. In the result of the first of them the depth of the chain reorganization reached 3,693 blocks. Analysts almost immediately pointed to a possible link between the wallet used in the attack and the OKEx exchange.
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In the second attack the chain reorganization reached 4,236 blocks. This allowed its organizer to execute double spends totaling $1.68 million.
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