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Ethereum Classic Labs Hires Law Firm To Resolve 51% Attacks

The Ethereum Classic blockchain has been the objective of attacks as of late — and now the gathering behind Ethereum Classic’s center advancement is attempting to bring research and bring charges against those behind the attacks.

In a Friday press release, Ethereum Classic (ETC) Labs reported that it had held the administrations of two firms — law office Kobre and Kim and examination supplier CipherTrace “to assist in the investigation and pursuit of criminal charges against the perpetrators of the recent attacks on ETC,” according to ETC Labs Terry Culver.

“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,” Culver said.

A regrettable side effect of the blockchain revolution has been a rise in the number of bad actors who seek to exploit public blockchains for unlawful ends,” said Benjamin Sauter of Kobre & Kim LLP, who was also one of the first lawyers to freeze and recover misappropriated digital currency on a fraud victim’s behalf. “However, there exist numerous legal avenues that victims can take to restore justice swiftly and effectively. We look forward to pursuing those avenues with ETC Labs.” In addition, ETC Labs is currently working with community, stakeholder, and technical teams to stabilize and strengthen the network.

ethereum classic hires law firm

“We are proud to help solve this pivotal case which represents more than a major theft because it is an attack on the integrity of a major blockchain. By tracing these stolen funds to virtual asset service providers, preventing these hackers from converting ill-gotten crypto to cash, we can not only preserve financial integrity but also hold these criminals accountable and help prevent future attacks,” said Dave Jevans, CEO of CipherTrace. “This case highlights the critical role blockchain analytics plays in maintaining the stability of the virtual asset economy

As recently announced, the ETC chain has been hit with two 51 percent assaults in the previous week, in which a solitary mining element has enough hashing capacity to endeavor to make interchange exchange narratives and twofold spend tokens. The assaults brought about the twofold spending of a great many dollars in ETC tokens.

Blockchain information firm Bitquery distributed a report on August 5 that investigated the assault that occurred between July 31 and August 1, finding that 807,260 ETC — worth more than $5 million — was twofold spent, at the expense of about $192,000 in bitcoin so as to get the hash power expected to do the assault. In an August 7 report on the subsequent assault, Bitquery found that those behind it “effectively twofold burned through 238,306 ETC ($1.68 M) through Bitfinex and another crypto administration” in the wake of endeavoring to twofold spend a sum of 465,444 ETC.

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