Why exchanges are abandoning the ETC
The famous altcoin, descended from another altcoin, Ethereum Classic, is going through difficult times right now. Recall that earlier we wrote about two 51% attacks that occurred in the coin system. And, as we said, such events could not pass without a trace. For example, now the reputation of the cryptocurrency is definitely ruined. And so much so that well-known exchanges are thinking about refusing to cooperate with ETC. Next, we will tell you exactly who is afraid of working with a coin and what such problems promise a coin. So let’s get started.
Which exchanges are afraid to work with ETC?
Representatives of OKEx were the first to speak with strong intentions. A fairly large site is regularly used by many users for large transactions. The company’s clients use a wide variety of assets presented on the platform. ETC is no exception. The latter has recently established itself as the most unreliable and fragile payment instrument. As a reminder, the 51% attacks carried out allowed attackers to unauthorizedly obtain a fairly large amount of cryptocurrency. The coins, as expected, were quickly used for their intended purpose – they were laundered, sold, and the proceeds were transferred to anonymous wallets.
And, unfortunately, the attackers used the OKEx exchange for their criminal operations. Illegally obtained assets ended up on the site. And due to the lack of attention from the developers, the platform adopted the currency and allowed its clients to use dishonest coins. As a result, users bought, exchanged and calmly used illegal money.
Then, when the scam was discovered, the exchange was forced to confiscate the dishonest funds. The amount was as much as $ 5.6 million. Quite a lot of money, especially by OKEx standards. This is why the exchange is determined to take ETC off the market. The site does not want to look unfavorable in front of its clients due to the incompetence of ETC developers. We do not argue, the measure is really decisive and harsh. But, by and large, it is necessary. Let’s discuss how other platforms are looking at ETC and how the coin might develop in the near future.
Influence on coin and industry opinion
In fact, OKEx is lonely so far in its intentions to ditch the coin. The fact is that, even against the background of the weathered attack, ETC is gaining steady growth. Recently, the cryptocurrency has risen in price by 4%. Therefore, there is no reason for large exchanges like Binance or Bitfinex to stop using ETC yet. It is likely that OKEx will remain the only exchange that is so concerned about its own reputation. However, the likelihood of complete disregard for ETC by all leading enterprises cannot be ruled out either. It is possible that the overwhelming majority of sites will consider cryptocurrency as a threat to their own name and reputation. This is logical, because ordinary users do not follow the news of the coin and blame the exchange for problems with transactions.