DMM Bitcoin tries to calm down customers amid 51% attack concerns

Maria Nikolova

The Japanese cryptocurrency exchange says it will be keeping an eye on transactions and new orders.

Several hours after the first reports of a “51% attack” targeting Ethereum Classic (ETC), concerns among cryptocurrency traders are on the rise. DMM Bitcoin, the virtual currency business of Japanese Internet giant DMM.com, has sought to calm down its clients amid these concerns.

In a notice on its website, DMM Bitcoin explains it does not handle ETC per se. However, the company notes the latest reports of the 51% attack.

DMM Bitcoin says it is paying attention to the order management when new orders are placed and will monitor closely customer transactions.

A 51% attack typically targets a blockchain. It is organized by a group of miners controlling more than 50% of the network’s computing power. The attackers may be able to prevent new transactions from gaining confirmations, allowing them to stop payments among users. The attackers may also be able to reverse transactions that were completed while they were in control of the network. This means they could double-spend coins.

The latest reports by Kraken into the incident state:

“As the 51% attack appears to be ongoing, we have temporarily halted ETC deposits and withdrawals. We will continue to monitor the situation, but will bring ETC funding back online only once we believe it is safe to do so.

Posted Jan 08, 2019 – 00:52 UTC”

“Due to a potential 51% attack on the Ethereum Classic network, we have temporarily increased the number of confirmations required for ETC deposits to 500 (roughly 1 hour and 56 minutes). We will continue to monitor the situation and lower it back to 120 confirmations once our developers believe it is safe to do so.

Posted Jan 07, 2019 – 19:22 UTC”

Read this next

Digital Assets

Russia to legalize cryptocurrency payments as sanctions bite

Russia could soon be the latest country to lay down ground rules for legalizing cryptocurrencies as a means of payment, a sign that governments around the world are realizing that digital assets are here to stay.

Institutional FX

XTX Markets UK reports lackluster results for 2021

The UK business of XTX Markets, a non-bank FX liquidity provider and market maker, has reported its financials for the fiscal year ending December 31, 2021. The report showed downbeat metrics after seeing revenues and customer activity drop as the pandemic trading boom fizzled out.

Digital Assets

Binance in talks with BaFin to get license in Germany

Changpeng Zhao (CZ), founder and CEO of Binance has confirmed that they are in talks with Germany’s regulators to secure a local crypto license.

Retail FX

German broker NAGA Group reports strong financial results

NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking app NAGA Pay, announced the preliminary financial results for April 2022, which beat analysts’ forecasts.

Executive Moves

Talos announces key hires after raising $105m to expand institutional crypto platform

Talos has seen institutional trading volume explode over 20 times year-over-year and was in need of funding to keep scaling the platform and expand into APAC and Europe, as well as to expand its product lines, including pre and post-trade tools.

Industry News

LSEG agrees to acquire MayStreet to enhance Data & Analytics division

“Adding MayStreet’s low latency domain expertise to our existing capabilities enables us to bring increased value to customers’ electronic trading workflows across a number of use cases, including quantitative modelling, research and programmatic trading.”

Digital Assets

IDEG launches arbitrage solution for crypto investors looking for “de-risk option”

Risk and uncertainty levels are at all-year highs and IDEG points to arbitrage as a way to provide a lower-risk strategy with no delta exposure.

Digital Assets

DoraHacks raises $20m from FTX, Liberty City, Circle, Gemini, Crypto.com, more

DoraHacks partners with several web3 ecosystems, including Solana, Polygon, and Avalanche to provide access to the global developer community and has been driving key research.

Interviews

AC Interview – Neil Swanepoel, Sales Development Representative

One of the biggest challenges faced by brokers is finding the best tools/methods to attract and convert new traders. With trading becoming increasingly more popular among Gen Z, it is this young group of up and coming traders that hold the most potential for brokers. To help better understand this unique demographic we spoke to Autochartist Sales Manager and new trader Neil Swanepoel. 

<