When “The Merge” was activated on Ethereum (ETH) a week ago, it marked a historic moment. That’s because the hard fork replaced Ethereum’s Proof-of-Work (PoW) protocol, which had been identified as energy-hungry and low-capacity, with Proof-of-Stake (PoS), which was deemed future-proof.
However, since a group of miners and developers came together to stick with PoW for Ethereum, a cryptocurrency called ETHW is now on the market. This “old” Ethereum has now been hacked, which the crypto security company BlockSec made public via Twitter.
Read more on the subject and find the most important financial news of the day with the Born2Invest mobile app.
According to this, the hackers managed to exploit a bug in the Omni Bridge for Ethereum
This allowed them to credit themselves with an extra 200 ETHW. In a detailed description of the attack, BlockSec warns that the flaw could exist elsewhere in the Ethereum ecosystem. Specifically, the Omni Bridge did not update the identification number for ETHW’s blockchain. The developers of ETHW therefore rightly point out in a statement that the hack does not directly affect them. Meanwhile, the team behind Gnosis (GNO), where the Omni Bridge bug had a direct impact, tweeted that they wanted to disable ETH Bridge as soon as possible.
The financial damage of duplicated 200 ETHW is just over $1,000 – but ETHW’s image is tarnished. After “The Merge”, ETHW was still quoted at around $30, but then a downward slide began. Currently, ETHW is trading at just over $6 and it is questionable where the future of Ethereum PoW will lie. This is because in the important DeFi and NFTs sectors, projects and developers rely exclusively on the “new” Ethereum with PoS as the protocol and do not support ETHW on principle.
Conclusion: Can ETHW compete with Ethereum?
Ethereum Proof-of-Work reports daily new additions to the ecosystem via Twitter – but where ETHW should position itself in practice is unclear. The actual Ethereum, on the other hand, presents itself as stable and is, according to most experts, the only version with realistic prospects for the future.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BLOCK-BUILDERS.DE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
What Is the Role of Fintech Companies in the Payments Ecosystem
The CEO of BIT2ME referred to the future of fintech as "good". However, he stated, "We live in a society...
UN Report Calls on Member States to Stop Criminalizing Drug Users
The report shows that a growing number of countries in all regions are adopting policies and practices that decriminalize drug...
Markets Heated Up This Past Week as Guidance from the Fed Was Bearish
The Fed left rates unchanged at this past week's meeting as expected but the guidance was hawkish. Markets didn't like...
Current Woes in Bonds Promise Future Grief for Stocks: Focus on Dow Jones
If you’re bullish, maybe you should lower your expectations of what the stock market can do for you in the...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [uMobix Affiliate Program Review]
This week, we're covering everything from hustle culture to spying on kids, making this affiliate digest look like it has...
Cannabis2 weeks ago
Cresco Labs Will Launch a Cannabis Ad on Spotify
Fintech5 days ago
Why Are Mexican Fintech Companies Increasingly Investing in Small Banks
Africa2 weeks ago
Bobo-Dioulasso Has a Regional Branch of the Burkinabe Social Development Fund
Crowdfunding3 days ago
Biova Project Launched an Equity Crowdfunding Campaign on Mamacrowd