Traders are selling their ETC and buying ETH with the proceeds

September 1, 2016 - Ethereum Classic (ETC) plummets, then Ethereum (ETH) rallies. News of the recent DAO Classic refund contract sets the market up for an additional 4.1 million Ethereum Classic to return to the hands of DAO owners.

Two million ETC are entering the market and that is causing the recent plummet of the Ethereum Classic coin (ETC). An additional 2.1 million ETC are still available for refund. Price activity is showing rallies in Ethereum (ETH) following the influx of new ETC to the marketplace. Clearly, traders are selling their ETC and buying ETH with the proceeds. When the DAO was hacked, a group that called themselves the Robin Hood Group executed the same exploit as the DAO hacker. The Robin Hood Group did this to secure approximately 7,000,000 Ethereum Classic coins to prevent any further uncontrollable exploits. Although a hard fork has taken place, the perpetuation of the Classic chain has caused these coins to retain value, and they belong to DAO holders. This group has renamed itself to the “White Hat Group” and they have created the DAO Classic refund contract in order to reliably refund the ETC that they seized from the DAO that had been hacked. Previously, this “White Hat Group” had attempted to simply sell the ETC on the open market at various exchanges; however, those exchange had seized the accounts pending a review from communities and legal consultation.

Submitted September 01, 2016 at 08:57AM by valerysafis http://ift.tt/2cfqGbW