Hackers stole 300 000 $ from Ethereum Classic Wallet

Deplorable results of the recent hack of the popular crypto currency
03 July 2017   813
Ethereum Classic

A continuation of the original Ethereum blockchain - the classic version preserving untampered history
 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

On 30th of June unknown hackers hijacked Classic Ether Wallet, which is one of the most popular ETC wallets. As IBTimes reports, hackers deceit forced the 1on1 hosting provider support to transfer control over the domain to them. 

Only after few hours ETC team discovered about the issue. They recommend not to use the wallet immediately.

The hackers' wallets were published by the victims at Reddit. So, in one of the cases, the amount of damage was 800 ETC ($ 14.5 thousand), in the other - 201 ETC ($ 3.6 thousand). In total, the attackers stole about $ 300,000.

To prevent further attacks, the ETC developers brought the domain to the Cloudflare black list, and a threat notification appeared on the site.

What is Callisto Network Project?

The first ETC sidechain launch and side-coin distribution project from Ethereum Classic Team
19 February 2018   207

Ethereum Classic team shared information on the first ETC sidechain launch and side-coin distribution project - Callisto.

The main goal of Callisto network is to research and provide a reference implementation of an experimental protocol changes that aim to establish a smart-contract based on-chain governance system, completely financially transparent built-in development funding mechanism and balance the interest in the network between the miners and coin holders (ordinary network users).
 

Ethereum Classic Team

Despitee the fact that Callisto is not a hardfork, it has one of the main features of hardfork -  the initial stake of CLO coins will be distributed between current ETC holders. 

We will make a snapshot of ETC blockchain at block 5500000 (approximately 5 March, 2018. This depends on ETC block time and ETC hashrate changes). Then we implement the initial balance of each ETC holder in the Callisto network genesis block, so each ETC owner will receive CLO coins automatically in a 1:1 ratio to the amount of ETC that he had at block 5500000.
 

Ethereum Classic Team

These are the issues, that will be solved by this project:

  • There is no incentive for coin holders to continue to own coins which is important for "store of value" currencies.
  • Interest and influence in the network are not balanced. The balance is strongly biased towards the miners.
  • Lack of governance system. Cold staking protocol could serve as an intermediate step for governance system implementation.
  • Lack of a specialized testnet for Callisto and ETC chains. If Ethereum will introduce any breaking changes then there will be no viable testnet for ETC chain. Morden testnet is very old and require syncing and mining a test block to start testing contracts on it which is not suitable in most cases.

As mentioned above, release is planned to be approx. 5 March 2018