Gate.io will refund $ 200,000 lost by users due to a 51% attack on Ethereum Classic

Exchange Gate.io reimbursed more than 200 thousand dollars in losses after the attack 51%. Also, representatives of the company noted that the site’s work problems were indeed traceable, the responsibility for which the developers took on.

Causes of attack 51%

In Gate.io, they said that the criminal version of the development of events during the attack is not excluded. So, it was possible to fix three addresses from which funds were periodically withdrawn in small volumes. This was the cause of failures on the stock exchange, because of what other users could not withdraw money or transfer them to another wallet. This resulted in a loss of about 40 thousand ETC during the attack.

“Initially, we were going to block transactions locally, but when the problem took a more serious turn, it was decided to temporarily stop the exchange. Fortunately, it was also possible to quickly return to previous indicators of activity. Gate.io will bear all the losses of users, ”the company said in a statement.

Now ETC-developers are trying to eliminate the causes and consequences of a problem that has arisen on several exchanges at once.

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