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Ethereum Classic Labs Taps CipherTrace for Investigating 51% Attacks Source

In the recent few days, Ethereum Classic (ETC) has faced two 51% attacks on its blockchain which led the blockchain to face a massive reorganization. As there is still the risk of more 51% attacks on the blockchain, Ethereum Classic Labs has come out a step forward to find out the real source behind these 51% attacks so that it does not have to go through another such attack. For this purpose, Ethereum Classic Labs has tapped CipherTrace for investigating the real source of 51% attacks.

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CipherTrace and Kobre & Kim to assist ETC Labs in investigation

According to a press release made by Ethereum Classic Labs on Friday, August 7, 2020, the leading supporter of the Ethereum Classic blockchain has acquired the services of two companies the blockchain analytics firm CipherTrace and Kobre & Kim. Both of these firms will help Ethereum Classic Labs in the investigation of 51% attacks.

Ethereum Classic Labs’ Terry Culver said that CipherTrace and Kobre & Kim have been given the task to assist ETC Labs “in the investigation and pursuit of criminal charges against the perpetrators of the recent attacks on ETC.”

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Stating furthermore, Culver said that they will together collaborate with each other to find out those responsible parties who were behind these attacks. Culver stated:

“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.”

A large amount of ETC tokens was double-spent during these attacks

In the last week, Ethereum Classic had to go through two 51% attacks which resulted in the double-spend of a large amount of ETC tokens.

The first 51% attack occurred on the 5th of August according to the report from Bitquery. In this attack, 807,260 ETC tokens worth $5.6 million were double-spent by hackers. The second 51% attack occurred on the 7th of August which cost the Ethereum Class blockchain the double-spend of 238,306 ETC tokens worth $1.68 million.

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MubaShar Nawaz

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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