Focused on accelerating the development of Ethereum Classic and supporting blockchain startups, Ethereum Classic Labs (ETC Labs), has announced the launch of a new initiative to engage law enforcement and global regulators.
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With this regulation, the company wants to bring accountability and transparency to hash rental.
According to an official blog post, the crypto market is suffering manipulations from hash rental platforms such as NiceHash despite the strict regulation implemented through the KYC/AML policies.
"Considering how important hash rate is to the security of Proof-of-Work blockchains, this is a serious vulnerability for the blockchain ecosystem as a whole," ETC Labs wrote.
ETC Labs claims it is currently cooperating with authorities "in relevant jurisdictions."
At the beginning of August, the blockchain network of Ethereum Classic suffered several 51% attacks with hash rate allegedly purchased from NiceHash.
Previously, iHodl reported that Ethereum Classic's blockchain experienced a third in a row 51% attack.
According to Bitfly, the parent company of the mining pool Ethermine, the attack triggered a reorganization "of over 7000 blocks which corresponds to approximately 2 days of mining."
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