Dear XTers,
On January 26, 2024, XT.CO identified a significant volume of abnormal deposits related to EAC, confirming a severe 51% attack on the EAC chain, resulting in transaction rollbacks. This incident has had a certain impact on XT.COM and our users. In light of this, we would like to provide an official clarification on the event, articulate our position, and outline the subsequent measures.
The abnormal deposit hashes include (but are not limited to) the following:
- e7d61ef9e55ad6abe1e84135739e05088f22f82755ca049c0f74d136177a5d0c
- b00208d11d25dd11d9c9e6a300fe9d5b786e4d99216a0527d44a010db622671a
- b535be02243e554c6a0c37f4659891da98313c643d667841de998f909033056c
- d71e15cd4e765a3b46654bd1bb8e3ada8cf4a16ae75dc757ee1339eec38d9fd8
- 0d398f2c586ce756abb3ad61db7106f7d97b167012dcbdb54a7af99fd03a4451
Upon discovering this anomaly, XT.COM promptly contacted the EAC project team to provide a detailed explanation of the incident. Firstly, the 51% attack and the subsequent chain rollback were attributed to insufficient mining power protection measures implemented by the EAC project team. In the realm of cryptocurrency networks, a 51% attack is a known risk, especially for networks with lower mining power. While rollbacks can detect attacks after the fact, they cannot prevent the attacks themselves.
Secondly, regarding the issue of transaction confirmations, it's important to emphasize that the current market norm involves using relatively fewer confirmations. For instance, even mature currencies like Bitcoin often see major exchanges requiring no more than 3 confirmations. The setting of 5 confirmations for transactions on the EAC chain has been our standard configuration and has not been contested by the project team.
Finally, even if confirmation numbers were raised to 100, given the current EAC chain's mining power being only about 1/100th of LTC's, such measures would still be insufficient to effectively mitigate the risk of a 51% attack.
In conclusion, in order to safeguard user assets and ensure fair transactions, XT.COM will closely monitor the security status of the EAC chain and collaborate with the project team to find a solution. Once it is assessed that the security risk has decreased to an acceptable level, we will consider resuming services at an appropriate time.
As a trading platform dedicated to providing high-quality services for global digital assets, XT.COM always prioritizes user interests. In this EAC incident, XT.COM will continue active communication with the project team, striving to minimize user losses to the greatest extent possible. Please note that the progress of the situation will be updated on our official channels. We appreciate your understanding for any inconvenience caused.
Thank you for your support!
XT.COM Team
February 01, 2024
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XT.COM reserves the right, at its discretion, to change, modify, or remove portions of the announcement at any time by posting the amended version on the website.