Crypto News Recap: ETC Hit by Third 51% Attack, OKEx Consider Delisting It

Published August 31st, 2020 - 06:10 GMT
Crypto News Recap: ETC Hit by Third 51% Attack, OKEx Consider Delisting It
A 51% attack or double-spending attack occurs when a miner or a group of miners attempt to spend their crypto on a blockchain twice. (Shutterstock)
Highlights
Here are the markets highlights for the week

Last week was pretty eventful for the crypto market! There's a currency that might have to say goodbye to its fellows on one of the world's most popular crypto exchange due to a 3rd time attack. 

Here's everything you need to know about what happened in the crypto world last week:

Bitcoin (Trading at $11,680 at the time of writing) managed to stay up to $11,00 barrier.  

 Source: coinmarketcap.com

Ethereum Classic Hit by 3rd 51% Attack
The Ethereum Classic blockchain was hit by another 51% percent* attack for the third time this month alone. The attack resulted in the reorganization of 7 thousand blocks, according to a tweet shared by Bitfly:

The Ethereum classic developers announced on Twitter that they’re ‘making progress in evaluating proposed solutions’: 

OKEx Mulls Delisting ETC Losing $5.6 Million Loss in 51% Attack

The famous crypto exchange OKEx announced that they are considering delisting Etherum Classic after the third 51% attack that cost the exchange $5.6 Million.

Right after the attack, the exchange halted deposits and withdrawals of ETC on its platform.

SBI Holdings to Launch CFDs for Bitcoin, Ether, and XRP

The Japanese Forex exchange giant SBI announced its intention to establish a CFDs for trading BTC, ETH, XRP soon, according to Cointelegraph. 

This new service will allow clients to trade with crypto CDF contracts against the Japanese Yen and the US dollar.

Switzerland’s Biggest Online Retailer Accomplished First successful transaction with Digital Franc

Galaxus, the biggest online retailer in Switzerland, announced the completion of its first-ever fully digital transaction using the country’s stablecoin which is pegged to the Swiss franc.

The crypto stablecoin was launched last March by a local cryptocurrency bank Sygnum. The bank was granted a digital license in Aug 2019, according to the official Greater Zurich Area Website.  

Tether Outperforms Paypal and Bitcoin in Average Daily Transfer Value

The average daily transfer value of The stablecoin Tether beats both Paypal and bitcoin according to a report published by Coin Metrics

The report says that “On August 20th, Tether’s 7-day average adjusted transfer value reached over $3.55B compared to Bitcoin’s $2.94B.” 

Source: Coin Metrics Formula Builder

This rapid growth of the most used stablescoin is mainly due to the increasing popularity of the new Defi applications like Uniswap and Curve.

While on the other hand, Paypal performed only $2.94 billion per day according to their Q2 report

Crypto Market Cap:

 Source: coinmarketcap.com

Events to Keep An Eye On:

 Blockchain For Business Summit 2020 Sep 01, 2020 - Sep 03, 2020 (Virtual)

FinnoSec Africa 2020 Sep 08, 2020 - Sep 09, 2020 (Nairobi, Kenya)

 

*A 51% attack or double-spending attack occurs when a miner or a group of miners attempt to spend their crypto on a blockchain twice. These miners take over 50% of the network’s mining hashing rates (computer power), making them in charge of the whole blockchain and able to alter the previous blocks and able to even reverse the transactions they started.


© 2000 - 2021 Al Bawaba (www.albawaba.com)

You may also like