ETC delisting on OKEx on the cards after two massive 51% attacks

ETC delisting on OKEx on the cards after two massive attacks

It looks like that ETC delisting on OKex will happen soon considering the exchange suffered massive losses in the wake of two back-to-back 51% attacks. The Malta-based crypto exchange reported Ethereum Classic losses to the tune of around $5.6 million. Subsequently, rumours about ETC delisting on OKEx are doing the rounds.

OKEx handles high ETC daily trading volumes amongst all the crypto exchanges. Jay Hao of OKEx says ETC delisting on OKEx becomes difficult due to this very reason. ETC delisting on OKEx won’t be done hurriedly. The exchange cannot handle one more 51% attack and must install suitable safeguards to prevent more unfortunate events.

ETC delisting on OKEx a highly likely event

The latest round of 51% attacks tarnished the image of the crypto exchange. As a face-saver, the ETC losses were aptly reimbursed to the clients. Even though the users were returned full ETC amount under the user-protection policy, the risks remain.

Hao further mentioned how it is very difficult to safeguard against a 51% attack. It gets difficult to repeatedly pay in case of regular attacks. A decentralized exchange can’t just keep on paying for an inherent flaw in ETC. therefore, the crypto exchange may be on the verge of closing ETC trading for good.

Long-term vulnerability in ETC

The first 51% attack occurred on 1 August. However, the next attack happened five days down the line and caused massive damages. In total, the exchange suffered damages around $5.6 million.

The 51% attacks are getting notorious. The modus operandi includes one miner controlling majority (i.e. 51%) of the network’s mining power. Blockchains sporting a high hashrate, including Bitcoin, do not have to worry about these attacks. It happens as a result of the inefficient proof-of-work problem inherent in low-hashrate blockchains.

Ethereum Classic isn’t the only blockchain suffering from 51% attack. Another notable victim of the 51% attack is Bitcoin Gold. OKEx was targeted due to the high liquidity on the platform. The users must expect ETC delisting on OKEx as part of the exchange’s survival operations.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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