Today Ethereum network has experienced a major issue that forced all exchanges, including HitBTC, to disable ETH deposits and withdrawals.
We are eager to provide as much information as possible to keep you up-to-date with the situation.
Here is a short introduction to what happened:
There are two main active clients to connect and interact with Ethereum network – Parity and Geth. Geth is the official client developed by Ethereum team. For the variety of reasons HitBTC has been using Geth, as official client is usually the safest choice.
Today, on November 24th, both Geth and Parity have gone out of the consensus at approx. #2686350 block, which led to an unintentional fork in the Ethereum network. Due to this issue all exchanges stopped processing ETH transactions, presumably until a fix is identified and applied.
The Ethereum dev team has admitted their mistake and is already working hard on fixing it.
“Essentially, geth’s journal was failing to revert account deletions when a transaction that deleted empty accounts went OOG,” says Vitalik Buterin on Reddit.
“We have identified a fix, and are now in the process of testing it.”
Once Ethereum team develops a new release, all the transactions initiated past the fork will be rolled back. In other words, all your withdrawals made after the point of the fork will be canceled, and the coins will return to your HitBTC account.
The incoming transactions will be also rolled back: the coins will be deducted from your account and returned back to the wallet they were sent from.
No need to worry: all your coins will be safe and nothing will get lost. We will keep in touch.
If something goes wrong, please contact our Support team immediately at email@example.com. We will be happy to help out each and every trader that suffered from Ethereum network issues.
On the 17th of June Vitalik Buterin requested exchanges to stop trading ETH. Soon after a post was published on the Ethereum blog explaining the issue. Apparently the system had been hacked and the attacker was currently maliciously getting hold of ether worth around $60 million into a child DAO. It reads:
Meet the new superpower in the world of cryptos: The DAO – Decentralized Autonomous Organization. The DAO was launched just a few weeks ago and has already raised quite a significant amount – $150 million worth of ETH tokens. This is more than 15% of all the ETH tokens available. Sounds impressive. Let’s try and explain what the DAO is exactly.
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Although Bitcoin is still the most traded cryptocurrency, you can make awesome profits with other cryptos as well. Some move more than others, some more volatile, some less. Today I am having a look at what Ethereum has been up to this year and where it might be headed. If you’ve not traded this crypto before, that’s okay, I’ll try and give you an overview of the basics – like what the support & resistance levels are and what to look for. Ethereum too like many other cryptos is very volatile so profits can happen very quickly. And the trading of Ethereum is still in the beginning. Who knows we might see another Bitcoin price like wonder.
Trade Ethereum on HitBTC!
Great news: Ethereum (ETH) is now available for trading on the HitBTC platform! Lets have a look at what this exciting new cryptocurrency is and how it has the potential to really change the way we do things on the Internet.