Waltonchain Blockchain Has Been Attacked, How Is This Affecting The Network?
- Waltonchain has been affected by a 99% attack after a hacker exploited a bug that developers knew
- There is going to be a hard fork in the near future to restore the network to the point before the attack
Waltonchain (WTC) has been affected by an attack that was performed by a user that exploited a known bug and that developers were able to fix just after the attack took place.
According to a recent report released by Nulltx, an official announcement on Telegram informed that Waltonchain was under an attack by an unknown individual.
Waltonchain Affected By An Attack
In general, cryptocurrency networks can be affected by 51% attacks, but in this case, Waltonchain was affected by a 99.9% attack. As per some reports, it seems that the launch of the WTC’s main network has become a big problem, this might be why it is easy to experience such a large attack. Indeed, most users are currently not even active on the network and the swap from ERC20 tokens to mainnet tokens is not yet completed.
Apparently, Waltonchain developers knew about this security problem and the main question is why they didn’t do anything to fix it before an attack. Apparently, the team behind Waltonchain was working on a fix, but it was not clear when it would be released.
There are some Redditors that are not happy about the things that happened to the network and how the Waltonchain team handled the issue. Moreover, there was no reason for users to attack the network.
One of the explanations is related to the fact that they just simply wanted to do it. At the same time, this shows that Waltonchain, a project that seemed very promising for the whole crypto market, didn’t perform as expected, even when Bitcoin (BTC) is helping altcoins to follow its positive trend.
It is worth mentioning that Waltonchain was not offering a bounty for those users that were able to find a bug. With this hack, it might be possible for developers to take a more active stance in terms of the improvements they do to the network. This is clearly something that is possible at this point in which there is no more information about this issue or the reasons behind the attack.
According to the team, the best thing to do is to hard for the network in the coming weeks to come back to the moment before the attack started. Users and investors are worried about what will happen with the new chain and how this is going to affect transactions that occurred after the renowned block.
Currently, Waltonchain is the 104th largest cryptocurrency in the market with a price per coin of $1.47. Waltonchain has a valuation of $61 million, according to CoinMarketCap.