Core developers at Ethereum Classic (ETC) are probably facing dark times, following 51% attacks recently launched on the blockchain. While they continue to seek technical solutions to the attack, Kobre & Kim and CipherTrace will be working with the core developers to investigate the matter, possibly bringing the perpetrator(s) of the attacks to justice.
ETC Devs Hire CipherTrace And Kobre & Kim
Ethereum Classic Labs, the core team behind the ETC blockchain, announced in a press statement on Friday that it has hired Kobre & Kim, a cross-border disputes and investigations company and CipherTrace, a digital currency intelligence company. By retaining the companies, ETC Devs intends to investigate and pursue criminal charges against the attackers.
The CEO of Ethereum Classic Labs, Terry Culver, believes that the perpetrator(s) ought to face the due consequences for compromising a public blockchain for the purpose of stealing. Culver added in the press release:
“Together we will cooperate with stakeholders and agencies in the United States and wherever else the investigation leads to analyze the transactions and to identify the responsible parties with the knowledge and motive to carry out these attacks.”
51% Attacks on Ethereum Classic Blockchain
ETC blockchain experienced the two 51% attacks within a week. The first attack was launched on July 31. Things got worse after the blockchain faced another attack later on August 1, resulting in the loss of more funds on the blockchain. This attack can be possible when a miner with a larger hashing power tries to create double-spend tokens and transaction histories.
At the first attack, the perpetrator(s) could double-spend 807,260 ETC, which is more than $5 million, according to Bitquery, a blockchain data company. On the second attack, they were able to double-spend about $2.68 million of Ethereum Classic cryptocurrency through several crypto services, including Bitfinex exchange, Bitquery reported.