After 51% attack, AE will be off the shelf! How does the exchange deal with the small currency?

On December 30, asset AE (Aeternity) and HC (HyperCash) of two established projects will be removed from the coin. On december 24th the announcement gave the reason that “when tokens no longer meet the standards or have significant industry changes, they will be reviewed in depth and may be removed “.

This period comes as Bitcoin continues to break through its record high market growth period, while the total market value of AE and HC asset items has shrunk by 98% and 91% respectively from their previous record high, with a decline of more than 20% in the year.

Notably, AE suffered 51 per cent of the attacks on 7 December, causing damage to multiple trading platforms and more than 16 million AE. lost in OKEx alone

Liu Shao, a AE Chinese language community, said the PoW consensus currency was vulnerable to “51% attacks “. ETC、Grin have recently been hit by this attack ,” if the project side and the exchange are not on time, the exchange with a large number of assets may be the victim “.

OKEx said the exchange could not control 51% of the attack, but the platform still bears this part of the loss AE the attack, user assets are not affected. In the near future will increase the audit of related projects to prevent attacks from affecting the security of trading platform assets.

AE after the attack, the first to close the charge also said that “51% attack “is not easy to prevent, in the prevention of such attacks, the exchange should assess the value of confirmation, if necessary, increase the number of block confirmation, delay; Also need to monitor the calculation, if abnormal, immediately roll back to the correct state, close the wallet charge.

Whether AE or HC, are the stars of the last encrypted asset bull market, and before this year’s bull market, the assets of DeFi and NFT became traffic stars and new sources of centralised exchanges. By contrast, established projects do not continue to develop in the application scenario, their assets are declining in the secondary market, and the motivation of team operations and maintenance projects is getting smaller and smaller, which also leaves an opportunity for attackers.

AE、HC market value fell 98% and 91% respectively

On Dec.27, Bitcoin prices set a new record, breaking through $28000, driving the encrypted asset market into the new long-term market value.

This is reminiscent of the last bull market between 2017 and 2018, Bitcoin flies with all kinds of assets. However, In this year’s market, In the top ten of the “assets” market value, There are also known as the “mainstream” of the coin (XRP), Wright (LTC) money. Alcoin data, DeFi board’s prophecy project ChainLink (LINK) and cross-chain network cards (DOT) also squeezed into the top 10 market value.

Established public chain EOS fell to the altar, ranked 16 th, some old-name projects are also facing the crisis of being removed from the exchange. On December 24, the official announcement said it would remove two items, the AE (Aeternity) and HC (HyperCash) on December 30, on the grounds that it no longer met the currency standards.

Binance said that Binance will regularly review online encrypted assets to ensure a high level of currency quality, and will conduct in-depth project audits when tokens no longer meet the upper currency standards or have significant industry changes. If necessary, it will be removed from the shelf.

 

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