First blow to Ethereum’s little brother

OKEx, one of the leading cryptocurrency exchanges, has announced that it is on the agenda to take Ethereum Classic (ETC) off the list.

The Ethereum Classic network has been badly damaged by the last attack it suffered. Likewise, OKEx, one of the major crypto money exchanges, also suffered a great loss due to this attack.

According to the latest report published by OKEx, the attackers who gained control of the Ethereum Classic network by exceeding 50 percent cost OKEx $ 5.6 million with the ensuing double-spending attack.

The exchange has temporarily suspended all ETC deposits and withdrawals since then. After the transactions are reopened, the deposit confirmation period for Ethereum Classic is planned to be extended. Recently, Coinbase increased the approval period for ETC to two weeks. This means users have to wait two weeks after sending ETC to Coinbase to be credited.

OKEx considering taking it off the list

Meanwhile, OKEx reported that as long as steps are not taken to improve the security of the network, they can exclude ETC from the platform.

On the topic, “The exchange is considering taking Ethereum Classic off the list while awaiting the results of the community’s efforts to improve the security of the chain.” The statement said.

In addition to OKEx, ETC may be off the list by different exchanges.

Ethereum Classic is backed by Grayscale, one of the largest investment companies in the cryptocurrency space. According to the latest data, Grayscale Ethereum Classic fund has $ 81.4 million in ETC. This amount is close to 10 percent of all ETC in circulation.

The post First blow to Ethereum’s little brother appeared first on Somag News.

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