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So this is something you don’t see every day – a hacker who had already managed to swipe around $217,00 in cryptocurrency from the crypto exchange Gate.io, has returned about half of it. Why? No one knows.
On January 7, a mysterious hacker succeeded in the heist of approximately $217,000 in the digital currency Ethereum Classic (ETC) from Gate.io throughout what is now known as the “51% attack.” In this sort of hacking attack, the attacker takes control of more than 50% of the entire network’s computer power and thus can rewrite the chain’s transaction history (read more about it in this report). A day later, Gate.io confirmed that the attack had indeed taken place and that the elusive hacker had walk off with 40K digital coins of Ethereum Classic, which were worth at the time around $217,000.
Now Gate.io reports that the exchange has received $100K back from the same enigmatic hacker without any explanation. Although Gato.io admits the intentions of the hacker are yet unknown, they still raise an interesting speculation.
If the attacker didn’t run it for profit, he might be a white hacker who wanted to remind people the risks in blockchain consensus and hashing power security
A “white hat hacker” is essentially a hacker with ethics, one that hacks into systems solely to show that they’re vulnerable so they could bolster their security and close any loop holes. It isn’t clear if that’s the case here since over $100K in ETC is still missing and the aim of the hacker hasn’t been revealed or disclosed.
Additionally, Gate.io divulges that another 51% attack is still feasible.
Based on our analysis, the hashing power of ETC network is still not strong enough and it’s still possible to rent enough hashing power to launch another 51% attack.
Did you hear that, Ethereum Classic development teams? You’ve got some work to do!