White Hat Hackers Caught Red-handed During Attempted ETC Sell-off

Categories: CryptoNews

White Hat Hackers Caught Red-handed During Attempted ETC Sell-off

There is still a significant debate going on regarding the Ethereum Classic funds obtained by self-professed white hat hackers. While they secured 7 million coins, several transactions were sent to exchange wallets in an attempt to cash out the money. An explanation was posted on Reddit, which seems to indicate funds will be returned to The DAO token holders after all.

The White Hat Hacker Plot Thickens

Albeit no one should trust self-professed white hat hackers by default, many people were confident in the team “tasked” with recovering funds stolen during The DAO attacks. With 7 million ETC at stake, funds have to be secure to prevent it being dumped on the market and crash the Ethereum Classic price.

After the funds were recovered by the white hat hackers, some transactions were sent to exchange wallets This caused a lot of speculation among Ethereum Classic enthusiasts, as there was no official explanation for doing so. Moreover, the ETC price saw a significant decline, which seemed to indicate the funds was being sold-off by these “trustworthy” individuals.

A new post by the white hat hackers has surfaced on

Reddit not too long ago, which addresses this situation. It is a rather impressive slab of text, which seems to blame other parties for these actions being taken. The hackers claim to have received “signals” from the “greater community” to convert the ETC funds to ETH. As a result, that funds would then be used to fund Ethereum development.

After facing a lot of negative feedback for these actions – seemingly orchestrated by the Ethereum Foundation – the hackers have decided to take a different approach. Right now, the plan is to return all ETC tokens to The DAO token holders. How this process will be accomplished, is anybody’s guess right now. We do know the white hat hackers will “ask exchanges to return funds.”

It goes without saying this entire debacle goes to show these individuals should not be trusted with the ETC funds by any means. Their initial attempt to dump the coins on the market was sniffed out, and now they are presenting a bogus story to put the blame on someone else. By the look of things, this debacle is far from over right now.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.