$60-Million Hack Pain Suffered By Ethereum
In the editorial piece “What Does Ethereum’s Massive Hack Mean for Bitcoin?”, published by Martin Tillier he has stated that some people have already begun imagining about Ethereum as the cryptocurrency to emerge as the ‘winner’.
All the consequences haven’t come to light yet but according to Tillier, the $60-million-plus hack on Ethereum has put a setback in the confidence in the currency from which it won’t be recovering anytime soon. The hacker penetrated the system and transferred the funds to a version of fake organization whose keys only he possessed. This flaw in Ethereum has been taken seriously and it will not be easily rectified.
Since only a small group of people understand Ethereum and its working, so that group must be confident enough to fund Ethereum. This multi-million-dollar hack of Ethereum’s funds moving between different accounts doesn’t inspire confidence that this organization requires. The price hit is an indicator of Ethereum’s trust problems.
Normally it can be assumed that Ethereum’s problems will have a direct impant on Bitcoin in a negative manner as these are mirror images of each other in terms of similarity. But this isn’t the case as Bitcoin’s price has continued to accelerate. It’s positive pricing is a major boost for the confidence that the hack suffered by Ethereum won’t be repeated with Bitcoin, proving that Bitcoin isn’t as vulnerable to hacks.
While Bitcoin’s slow development was perceived as a disadvantage and Ethereum’s ease of making applications was cited as an advantage but all this has been changed due to the recent hack. This hack has seen as a major benefit for Bitcoin as it has garnered praise from everywhere. Including many people who think this scenario of reinforcing Bitcoin’s long-term value rather than a source of worry.
Ethereum developers might win this legal battle against the hacker, get back their stolen funds, issue a public statement about their win but the damage has already been done. No one will forget about the hack suffered by them anytime soon.