White Hat Hackers Secure The DAO’s ETC Funds

According to various reports, the group of self-proclaimed “white-hat hackers” has secured the ETC funds belonging to The DAO holders. When funds was drained from this doomed Ethereum project, the hacker obtained a significant amount of ETC funds as well. Now that 7 million coins have been “secured”, the question becomes what will happen to this balance.

ETC Funds From DAO Hack are Secured, Sort Of

Ethereum Classic community members were a bit on edge yesterday, as there was a chance The DAO attacker would obtain 7 million coins. While some people feel this would not have such a big impact on the market, a significant price decline was noted across exchanges yesterday as the deadline drew closer.

As it turns out, the self-proclaimed group of white hat hackers has secured this funds. There are a lot of questions as to how “white hat” this group is, as all they do is hack the hacker. That does not make their actions legitimate by any means, nor should the people behind this initiative be trusted by default.

One Reddit user pointed out how there is nothing wrong with this scenario. There is a lot of bad blood between Ethereum and Ethereum Classic right now, and these 7 million coins could be dumped on the market at any given time.

It is very well possible nothing bad will happen to this funds anytime soon, though. The way things stand right now, it is impossible to tell what will happen moving forward. For now, the Ethereum Classic price seems to have stabilized, although the situation remains tense  No one should trust people on the Internet without doing their research.

In the end, the intentions by the white hat hackers may be entirely genuine. Right now, they keep a lot of information hidden from the public, which raises more questions than answers. While it is understandable they want to keep certain information private until their efforts are successful, a public statement regarding their intentions is warranted.

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  • Falcon Crypto

    Alex van de Sande is not leading this initiative. Check #Ethereum and #EthereumClassic on reddit for details.

  • Alexandre Van de Sande

    Please remove my name from the article or add a clarification. I am NOT leading this initiative did not participate in a DAO drainage since the original one, do not have any access to these newly secured funds, and the EF is not at all connected to any of the white hat actions. Please see the article you are using as source for more information.

  • twigwam

    Alex is NOT a part of this current initiative. Please EDIT your piece. Thanks.