SlowMist Security Firm on a Manhunt to Nab the Ethereum Classic (ETC) Blockchain Attacker

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SlowMist Security Firm On A Manhunt To Nab The Ethereum Classic Attacker

Chinese Security Firm SlowMist has claimed that it has enough evidence to put its hands on the attacker who breached the Ethereum classic network recently.

Ethereum classic network experienced a continuous two day attack on its chain which led to self-block recognition. SlowMist claims that it has enough evidence to put its hand on the attacker, specifying three wallet addresses and four transaction hashes behind the two-day attack.

The security firm in collaboration with the data of Coinbase has reached to a conclusion that the doubles spend (where you spend the exact same bitcoin twice, even though it has already been spent) have occurred due to block recognition (next to impossible in a decentralized system).

SlowMist believes a total of seven transactions were rolled back from the network, leading to a total of 54,200 ETC worth $270,000 being spent twice.

When Did The Attack Take Place?

The first attack was observed on Saturday at 19:58 UTC which continued till Tuesday at 4:30 UTC. The attacks have now stopped as confirmed by the developers, but the manhunt to track down the culprits are in full swing.

The SlowMist security firm believes that with the rally of information they have accumulated, and with the help of exchanges, the attackers can be located.

There are several exchanges under the scanner which the firm believes was used to carry out the attack and thus, the security firms have requested their cooperation to nab the culprit.

Gate.io, Bitrue, And Binance Under The Scanner?

SlowMist has zeroed on Gate.io, Bitrue, and Binance for the Exchanges which has been used to execute the attack However the team looking into the matter has restrained from giving any other major information regarding the attacks and whether exchanges which were used for carrying out the attack are under the scanner too?

Both Gate.io, and Bitrue have issued public statements on the matter, and have said that 40,000 ETC were double spending on Gate i.o and 13,000 ETC in double spending on the Birtue.

Conclusion

Ethereum Classic Developers are working closely with SlowMist Security firm to close down on the attackers. However, they made it pretty clear that no drastic step like reorganizing the chain or reverting the events are on the cards.

The recent attack on the network might have brought back the horrors of DAO attack in 2016, which was timed perfectly with the Hard-Fork back then exposing the technical shortcomings on the network. The last attack made the Fork almost negligible and this one just before the scheduled Ethereum Constantinople fork can leave a huge impact. The recent attacks for sure exposes the limitations and technical difficulties that the network is facing.

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