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Major ETH Exchange CHBTC U-Turns, Will List Ethereum Classic In Response To Demand

Last Updated March 4, 2021 4:50 PM
Lester Coleman
Last Updated March 4, 2021 4:50 PM

CHBTC, China’s largest ETH exchange, announced Monday it will list Ethereum Classic in response to rising demand. The move reverses the exchange’s previous statement last week that it would not support ETC. The announcement  on Monday noted the exchange is neutral and does not judge the values and ethics of the currency.

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CHBTC has stated there are risks users will be exposed to, including price fluctuation and network instability. The announcement also noted the ETC blockchain is considered to be low powered.

The exchange said it will continue to maintain monitoring the situation. It urged users to allocate funds reasonably.

ETC Support Grows

Ethereum Classic has been attracting support among exchanges, including Poloniex, Bittrex, Yunbi and Kraken, according to EconoTimes . Mining pools BW.com and Minergate have also supported ETC.

Poloniex’s recent decision to list ETC caused miner Chandler Guo to announce a 51% attack on the currency. But with more exchanges getting on the ETC bandwagon, Guo has opted to move his 120GH/s to Ethereum Classic for protecting the chain from a 51% attack.

Gao noted that ETC turnover has been high. He said an attack would harm innocent people. He compared an attack on ETC by 51pool.org to the DAO hacker. “Whoever does bad/evil, I’ll attack,” he noted.

CHBTC Reverses Course

CHBTC and Global Digital Asset Exchange previously stated they will not list ETC, but will allow their customers to withdraw ETC if applicable, CCN.com reported.

Yunbi, one of China’s biggest Ethereum trading exchanges, announced last week it would postpone the listing of ETC to undertake “security preparations” to address vulnerabilities due to a “relay attack.”

Yunbi further stated it had lost over 40,000 ETC “from users who deposited ETH before Yunbi listed ETC after the hard fork,” CCN.com reported.

Also read: Ethereum echange’s attempts to list ETC leads to lossses

Community Supports ETH

The majority of the Ethereum community has supported the forked chain with ETH’s price remaining relatively stable while the overall ETH plus ETC market capitalization has increased considerably after the fork and after Poloniex’s ETC listing, with ETH holders being more than 30% richer since the hard fork.

Furthermore, the Ethereum Foundation, which employs many experienced developers working on sharding, Casper and other applications, has come out in support of ETH.

Featured image from Shutterstock. Image from CHBTC.