Ethereum Classic

Ethereum Classic Labs has recruited lawyers and analysts to track down the hackers who carried out 51% attacks

Ethereum Classic Labs has teamed up with law firm Kobre & Kim and analyst firm CipherTrace to track down hackers who have committed 51% attacks on the ETC network.

Ethereum Classic Lab CEO Terry Culver said it plans to analyze transactions and identify attackers who need to be brought not only to criminal, but also to “technical” responsibility. Culver intends to prove that manipulating an open blockchain to steal cryptoassets has serious consequences. 

CipherTrace CEO Dave Jevans called these attacks not just a massive theft, but also a violation of the integrity of the blockchain.

“We need to track the movement of the stolen coins and prevent hackers from converting them into cash. Accountability will prevent further attacks, ”said CipherTrace CEO Dave Jevans.

On August 1, a 51% attack was made on the Ethereum Classic blockchain, during which 3,693 “extra” blocks were added and 807,260 ETC were stolen. Later, another 51% attack was made on the network. According to Bitquery, 4,236 blocks were reorganized. In the second attack, the attacker tried to re-spend 465,444 ETC (about $ 3.3 million), but he managed to do this only with 238,306 ETC. He received 14,200 ETC as a block reward.

Recall that last month , the Bitcoin Gold network was subjected to a similar attack , during which hackers tried to distribute 1,300 of their blocks on the network. And in April, PegNet miners tricked the network by submitting data that artificially inflated the price of the pJPY stablecoin, and tried to withdraw tokens worth $ 6.7 million.

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