White Hat Group Extends ETC Withdrawal Period

Remember when The DAO was hacked and an attacker stole millions, then the attacker was counter-hacked by well-intentioned Whitehat hackers (the White Hat Group)? In the wake of that event, Ethereum split into the ETH and ETC (Ethereum Classic) chains. Community consensus has shown ETH to be substantially more widely used, which may explain why many DAO Token holders are unaware that their investment was mirrored in ETC after the network forked.

The White Hat Group (WHG) has extended the withdrawal period for the ETC that was rescued from The DAO hacker. The DAO Whitehat Withdrawal contract will now be available until January 10, 2018.

As the withdrawal period deadline approached, a mild panic spread across the Internet’s many crypto forums and reddit threads. This turned out to be a good thing because that sense of urgency quickly disseminated the information and made more people aware of the fact they may own ETC (the existence of which they may have been previously unaware).

Originally, a Swiss fintech company, Bity SA, undertook the redistribution of the refunds, managing the withdrawal contract until April 15, 2017. After that date, control of the contract reverts to the White Hat Group.

This made people nervous because they assumed the White Hat Group would then take the unclaimed funds and run. That was never the plan and is not the case. An anonymous White Hat Group member spoke to ETHNews about the withdrawal contract, saying:

“We actually extended it last week, but we wanted to light a fire under everyone’s asses to get them to claim the funds… it’s ridiculous there is so much money still unclaimed. The longer people wait, the more likely it will be that they lose their keys.”

Did you invest in The DAO? If you’re a DAO Token holder, you should know there is still just over $4 million in unclaimed ETC sitting in the withdrawal contract. This move by the White Hat Group should help to assuage community fears about unclaimed ETC disappearing overnight. Hopefully, the increased awareness, plus the new deadline, will lead to a rise in withdrawal activity.