An altcoin that lost more than 40 percent in the last week is back in action with the Binance announcement. The updates made by the stock market on Twitter today were effective in the rally.
This altcoin on Binance started rallying after crashing 40%
The price of ETHPoW (ETHW), an Ethereum hard fork, skyrocketed to $150 last week as the merge approached. However, it has since lost all its earnings. BlockSec had warned of the ETHPoW token drop. He allegedly received an additional 200 ETHW after sending 200 WETH over a bridge in the Gnosis network.
Meanwhile, WETH transfers were not the only development that drove the ETHW price to the sky. Crypto asset manager Grayscale Investments has announced that it will sell all WETH it holds after the merger. As you follow on Kriptokoin.com, the price of ETHPoW went into free fall after these events. However, a new Binance announcement is reversing the price action.
Why is ETHW rising?
Binance announced on Twitter today that it has completed the distribution of ETHW tokens to eligible ETH and WETH holders after the successful implementation of the Ethereum merge. According to the announcement, users can now confirm that they have received ETHW from the distribution page under transaction history. Meanwhile, in the most important update, the exchange announced that it is re-enabling ETHW deposits and withdrawals.
#Binance has completed the distribution of $ETH Proof-of-Work $ETHW tokens to eligible $ETH and $WETH holders following the merge.
Deposits and withdrawals for $ETHW are now open, and users can confirm receipt of these tokens in the Distribution page under Transaction History. pic.twitter.com/Jsg4Uz5Sj6
— Binance (@binance) September 20, 2022
ETHPoW’s 40% drop
ETHPoW has a current price of $6.79 and a 24-hour trading volume of $189 million. ETHPoW price has gained around 30% in the last 24 hours. However, it is worth noting that it has lost 70% of its value in the last seven days. ETHPoW is currently ranked 2656 according to CoinMarketCap data.
BlockSec, interesting claim about altcoin transactions
According to a cybersecurity firm that reported the vulnerability on Sept. 18, the Ethereum PoW Blockchain suffered a replay vulnerability. The attacker received an additional 200 ETHW tokens after repeating a message from the PoS Blockchain on ETHPoW. According to BlockSec, the attack occurred because the bridge’s cross-chain did not sufficiently verify the true chain identity of the message.
Had tried every way to contact Omni Bridge yesterday.
Bridges need to correctly verify the actual ChainID of the cross-chain messages.
Again this is not a transaction replay on the chain level, it is a calldata replay due to the flaw of the specific contract. https://t.co/bHbYR4b2AW pic.twitter.com/NZDn61cslJ
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 18, 2022
According to the ETHPoW Blockchain development team, the attack targeted the bridge’s contract vulnerability rather than its network. The development team also stated that they have been trying to contact Omni Bridge since September 17 to report the risks. Unfortunately, the Omni Bridge did not respond quickly enough to a feedback request. The PoW fork has only been in operation for a few days, and an early attack could impact its future adoption. Also, the value of ETHPoW has plummeted since the exploit was discovered.
EthereumPoW (ETHW) is a potential fork of the Ethereum Blockchain with the upcoming Ethereum merge. Merge will migrate Ethereum to PoS, while the fork version will remain PoW.
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