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White Hat Hackers Explain Their Goal For ETC Funds




The group plans to return the funds to DAO holders after a failed attempt to dump the coins.

Earlier this week, a group of self-professed “white hat hackers” secured 7.2 million ETC.

They secured the funds just hours before the DAO attacker would’ve had access to a child DAO. Speculations about their intentions have been floating around the community ever since. The group finally made a public statement saying the funds would be returned to the DAO Token Holders. The decision came after multiple legal threats surrounded the funds, according to the statement.

Sending the ETC to the DAO Token Holders, however, was not the group’s first choice. The funds have bounced around a few times this week, leaving many in the ETC community worried about their initial motive. Once the funds were moved to a bytecode of a wallet contract on ETC, the coins were being sent away to multiple addresses. Within 24 hours, half the funds were gone. The group explained they had transferred the funds to different exchanges in hopes to sell the ETC for ETH.

“When the salvaged ETC were able to be recovered, signals were received from the greater community to distribute these ETC in ETH, to continue to support Ethereum projects,” stated by the group.

It continues to be that not everyone can work with both ETC and ETH, therefore it is safer to transfer all the ETC to ETH. ETC users noticed the movement of the funds and feared these hackers would dump all these tokens to crash the ETC market. It is said, though not confirmed, Poloniex and Kraken froze the accounts to prevent the crash.

Unable to sell the ETC, the group shifted their focus towards the DAO Token Holders. The group says:

“It has now become clear that this approach will introduce many unnecessary complications and wouldn’t bring certainty to all DAO Token Holders that they would be treated equally and with fairness.”

In order to send ETC back to the DAO Token Holders, the group asked the exchanges to return their funds.

Danielle Meegan

New Hampshire native Danielle Meegan is a writer based in Los Angeles. She has been published in a couple of sports and entertainment magazines and newspapers throughout the years and has dabbled with multiple virtual currency exchanges to understand the 'ins and outs' of trading. Danielle has invested in over 15 different virtual currencies, including Ether.

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