Investment company Investments Grayscale assured its customers that it sees no direct risk to the assets of the Fund in Ethereum Classic after earlier this week the network of cryptocurrency was attacked by 51%. This writes CoinDesk.
As stated in the company, some customers Ethereum Classic Investment Trust (ETCG) asked to clarify the situation and dispel their fears about possible threats to the assets. All of them were sent to the appropriate responses, which, in particular, it was explained how to operate these types of attacks.
“The biggest risk is that this attack can hurt the integrity of Ethereum Classic, because of the increased risk of re-spending of the people can be less willing to take ETC. However, coins in the possession of the Trust ETC, not subject to direct risk of theft or re-spending”, — said in a letter to the company.
Grayscale Investments also referred to from the publication in the publication Breakermag about a similar attack on the network of cryptocurrency Vertcoin:
“Re-spending may be carried out only the original sender of the coins. This means that an attacker can re-spend your own coins, but not coins of other users. For this reason, attack 51% and the reorganization of the block chain are the main risks to those who take assets, most often when this is done in exchange for a large amount of virtual goods or services are not eligible for refund”.
As of December 31, 2018 Ethereum Classic Investment Trust had assets of $24.9 million At the moment ETC is trading around $4.58, falling the last seven days in price by about 12%. However, this reduction is largely correlated with the fluctuations of other cryptocurrencies who also experienced this week, the fall.
We will remind, attack 51% on the Ethereum network Classic was announced earlier this week.