In an unprecedented move in the blockchain space, ETC Labs initiates both a technical and legal response to the recent Ethereum Classic attacks.
San Francisco – August 6, 2020 – Ethereum Classic Labs (ETC Labs)The core development and acceleration organization for the Ethereum Classic blockchain (ETC), today announced that in addition to its pursuit of technical solutions, ETC Labs continues to conduct investigations and disputes throughout. Border with Kobre & Kim Company (www.kobrekim.com) to pursue legal measures and CipherTrace (www.ciphertrace.com) cooperate with authorities to investigate and prosecute criminals against perpetrators and stakeholders of recent attacks on the Ethereum Classic blockchain.
“We have invited Kobre & Kim and CipherTrace to assist in the investigation and pursuit of criminal charges against the perpetrators of recent attacks on the ETC,” said Terry Culver, CEO of ETC Labs. “We will work together with stakeholders and agencies in the United States and elsewhere where analytical investigations lead to transactions and identify responsible parties with knowledge and dynamism. muscle to perform these attacks. We want to ensure that there are serious consequences if manipulating a public blockchain for theft. We are determined to protect the integrity of the ecosystem ”.
“One unfortunate side effect of the blockchain revolution is the increase in the number of bad actors seeking to exploit public blockchains for illegal purposes,” said Benjamin Sauter of Kobre & Kim LLP, also one of The first attorneys to freeze and recover stolen digital currencies on behalf of fraud victims. “However, there exist many legal pathways that victims can take to restore justice quickly and effectively. We look forward to pursuing those paths with ETC Labs ”. In addition, ETC Labs is currently working with the community, stakeholders, and engineering groups to stabilize and strengthen the network.
“We are proud to have helped solve this critical case that represents more than one major theft because it is an attack on the integrity of a large blockchain. By tracing these stolen funds for virtual asset service providers, preventing these hackers from converting bad cryptocurrencies into cash, we can not only preserve the integrity of our assets. it also keeps these criminals accountable and helps prevent future attacks, ”said Dave Jevans, CEO of CipherTrace. This case emphasizes the important role of blockchain analysis in maintaining the stability of the virtual asset economy.
“Ethereum Classic is a growing and truly decentralized community. The bad guys used it to hurt community members, honest miners and exchanges. Culver continued. “However, the ETC’s history shows that we are resilient and will continue to overcome this adversity. We continue to believe in the great value, utility and potential of ETC ”.
About Ethereum Classic Labs (ETC Labs):
ETC Labs’ mission is to build high quality, accessible and relevant technology, and use it to create valuable communities within a mature and regulated ecosystem. The ultimate goal is to fulfill blockchain’s promise to improve people’s lives by using Ethereum Classic, one of the major public blockchains in the world. The ETC Labs expert team also fosters partnerships with organizations and organizations to address fundamental challenges in developing and implementing this innovative technology. We carry out our mission in three ways: ETC Labs Accelerate, which invests in 25 blockchain projects every year, contributes to maintaining a strong ecosystem; strategic investments in innovation projects that focus on economic and social development; and the ETC Core team of experts and developers who maintain the Ethereum Classic blockchain and build key applications, solutions, and tools. For more information, visit www.etclabs.org.
About Kobre & Kim:
Kobre & Kim is the Am Law 200 law firm that focuses on cross-border investigations and disputes. The company’s collection of former federal prosecutors and experienced corporate prosecutors focuses on disputes over advanced financial products and services, including all the manners of disputes over digital money. The company has deep experience in devising effective fraud-related global asset recovery strategies including freezing, tracing and recovering appropriated funds. Kobre & Kim has repeatedly successfully frozen assets, including digital assets such as cryptocurrencies, through both judicial and non-judicial measures to transfer money to victims. Kobre & Kim has no transaction activity or ongoing institutional relationships in the digital currency industry and thus maintains its ability to function as an enthusiastic and independent advocate in inter-related disputes. involving the US government or virtually any private litigant. For more information, visit www.kobrekim.com.
CipherTrace, the leading crypto intelligence firm, protects financial institutions from the risk of cryptocurrency laundering and is helping to develop the crypto economy by making virtual assets trusted by the government. and safe for mass application. CipherTrace provides the most comprehensive cryptocurrency information in the world for money laundering detection, notification for law enforcement investigations, and enabling regulatory scrutiny. The founders of CipherTrace have always worked hard to protect consumers’ privacy, while at the same time fighting against illegal finance. In-depth knowledge of cybersecurity, eCrime, payments, banking, encryption and cryptocurrencies, form the foundation of CipherTrace’s commercial services. For more information, visit www.CipherTrace.com Or follow us on Twitter @CipherTrace.
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