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2016

A Second Ethereum PoW Chain Idea Gains Traction, Poloniex To List ‘Potential Forked’ Token Markets

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A Second Ethereum PoW Chain Idea Gains Traction, Poloniex To List ‘Potential Forked’ Token Markets

Five days ago, the influential Chinese crypto miner, Chandler Guo, explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s transition to proof-of-stake (PoS) next month. As usual, the idea of a forked token gets people excited and some individuals get upset, and even though the token hasn’t been created yet, there’s now a website called ethereumpow.org summarizing the coin’s goals.

The Merge Upgrade Could Produce an Ethereum PoW Fork, Poloniex to List 2 ‘Potential Forked’ Ethereum Token Markets

If Ethereum (ETH) transitions into a full PoS blockchain next month, there’s a very good chance a PoW version will fork away from the current version. The Merge has a pencilled-in date that could take place on the week of September 19, or 44 days from now. Guo is a well known crypto miner and he played a specific role in the 2016 creation of the blockchain network Ethereum Classic (ETC). On August 1, Bitcoin.com News reported on Guo tweeting about a PoW version of Ethereum “coming soon” and how he said, “ETH PoW is DAO.”

Now there’s a new website touting the not-yet-born ethereum PoW version called ethereumpow.org, and the web portal claims a white paper is coming soon. The website’s “community [and] contributors” section says: “It takes a village to raise our Ethereumpow. Numbers of communities, exchanges, miners, and individuals have worked together to make ETHW possible.” Domain statistics from Whois records indicate that the web portal was registered on July 31, 2022. The ETHW website owner’s name and identity has been “redacted for privacy,” the internet record listing site says.

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BREAKING: Poloniex will be the FIRST exchange to support EthereumPoW (ETHW). @Poloniex @justinsuntron
1/n pic.twitter.com/h6M9Pxv5lZ

— ETHPoW (@EthereumPoW) August 3, 2022

The cryptocurrency exchange Poloniex, backed by Tron’s Justin Sun, has announced that the trading platform will list ETHW. After Poloniex tweeted about listing ETHW, Sun retweeted the announcement to his 3.3 million Twitter followers. “The Ethereum Merge is expected to be in September 2022,” the exchange wrote. “Poloniex was the world’s first exchange to list ETH and now the first one to support potential forking of ETH with the listing of two potential forked ETH tokens: ETHS & ETHW.”

Poloniex Led the Charge During ETC’s Creation

Poloniex was also the first exchange to list ethereum classic (ETC). In a now-deleted tweet, one of the members of the Slock.it development team, Stephan Tual, remarked about Poloniex “leading the charge.” At the time, the Poloniex ‘troll-box’ was going wild and the exchange saw roughly $11.89 million in ETC trade volume on July 24, 2016. While it has experienced a number of 51% attack hiccups, ETC still exists today as it’s currently the 19th largest crypto asset in terms of market valuation. In an interview with Bloomberg, Chandler Guo talked about the advantages of ETHW in comparison to ETC.

A section of a Bloomberg interview with Chandler Guo discussing ETHW and comparing it to ETC.

Born at ETH block height 1,920,001, Ethereum Classic has reaped benefits from the pencilled-in Merge date, and during the last two weeks it has gained 51.2%, and ETC jumped 148.5% higher over the last 30 days. ETC has also seen a slight hashrate increase but during the last week, ETC’s hashrate rise has tapered off. Months before the most recent hashrate spike, ETC maintainers wrote that the community welcomed Ethash miners to the Ethereum Classic ecosystem.

fwiw, our full support is behind ETH PoS, in addition to ETC, and have zero intention to support any ETH PoW fork. ETH miners should move to ETC to maximize their revenue long term. simple as that

— Barry Silbert (@BarrySilbert) August 6, 2022

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Bitmex Research: ‘It Is Likely That the Chain Is Extended Past the Merge Point, However, Whether or Not This Chain Has Any Economic Significance Is an Open Question’

Furthermore, on August 1, Bitmex Research published a blog post called “ETHPoW vs ETH2,” which examines a hypothetical debate over the two potential Ethereum networks. The blog post, written by Bitmex Research, concludes “by arguing that although the ETHPoW chain may have many technical challenges and its long term viability is in question, its existence may provide an exciting opportunity for traders and speculators in the short to medium term.”

Bitmex Research published a blog post called “ETHPoW vs ETH2” on August 1, 2022.

In addition to Poloniex, Huobi Global plans to list any potential forks that are created when The Merge takes place. Huobi will distribute forked assets if they meet specific requirements, the company said on Friday. When Poloniex releases the “Potential forked” token markets next week, it will be interesting to see what traders and speculators value the ETHW token. It’s quite possible the futures markets could overshadow ETC’s recent gains.

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What do you think about the possibility of an ETHW chain that splits away from Ethereum when the chain transitions to PoS? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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2016

Chinese Miner Claims An Ethereum PoW Fork Is ‘Coming Soon,’ Despite ETC’s Existence

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Chinese Miner Claims An Ethereum PoW Fork Is ‘Coming Soon,’ Despite ETC’s Existence

According to Chandler Guo, an influential Chinese bitcoin miner, a proof-of-work (PoW) version of Ethereum is “coming soon.” The news comes as The Merge is expected to be implemented on Ethereum during the week of September 19, and the growing discussions of delaying the highly anticipated proof-of-stake (PoS) transition.

Chinese Miner Chandler Guo Says ‘Ethereum PoW’ Is Coming Soon

Chandler Guo has stated that an Ethereum proof-of-work (PoW) version will be “coming soon” ahead of The Merge that’s been penciled-in for the week of September 19. Guo is a known Chinese cryptocurrency miner and last week he wrote that he had forked once, and “will fork it again.” However, Guo’s statement is contradictory to how it officially played out in the summer of 2016, when the Ethereum Classic (ETC) chain was introduced to the world.

I am Chandler Guo, a 51% attack on Ethereum Classic (ETC) is coming with my 98G hashrate https://t.co/9VM6vPa8CS

— Chandler Guo (@ChandlerGuo) July 24, 2016

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At that time, Guo threatened to 51% attack the ETC chain with roughly 98 gigahash of hashrate in July 2016. The following month, Guo told the public that he was “made a mistake” and added: “This is not a joke. This is a revolution. This is freedom. God bless ethereum classic,” Guo added at the time. Despite how it went down, Guo did play some kind of role during ETC’s early days.

Individuals Respond to Guo’s Tweet Saying a PoW Version of Ethereum Already Exists in Ethereum Classic

Most people were confused by Guo’s commentary that said a PoW version of Ethereum was coming soon. “There’s ETC already. The real immutable Ethereum,” one person responded to Guo while sharing an article that says Bitmain’s Antpool would support ETC by injecting $10 million into the Ethereum Classic ecosystem. Guo has been sharing other tweets about a PoW version of Ethereum and said “ETH PoW is DAO.”

In July 2016, Bitcoin.com News reported on loyal Ethereum (ETH) supporters threatening to 51% attack Ethereum Classic and Chandler Guo said the same thing at the time. A few days later, Guo tweeted: “It is easy to attack ETC, but it will certainly affect the innocent ETC holders. My principle is don’t be evil,” and he backed down from attacking ETC.

ETC has already received some PoW hashrate during the last few weeks as the chain’s hashrate is around 26.07 terahash per second (TH/s) of hashpower. ETH’s hashpower is coasting along at 1.01 petahash per second (PH/s) or roughly 1,000 TH/s. ETH is up 52% against the U.S. dollar during the last month and in the same time frame, ETC has gained 134% against the dollar.

ETH POW is ETC.

— OmniEdge – Free humanity 🌞🧡☘️🌋🔑⚡ (@CryptoHolon) July 31, 2022

ETC has seen support from various parts of the ecosystem and Grayscale launched an ETC trust in January 2017. Ethereum Classic has a much lower hashrate than Ethereum today and ETC has suffered from a 51% attack in the past. In fact, ETC has been 51% attacked on numerous occasions and faced delisting from several exchanges in January 2019 and August 2020.

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i fork ethereum once,i will fork it again! https://t.co/3DdlZ3zMz9

— Chandler Guo (@ChandlerGuo) July 27, 2022

In addition to Guo’s commentary, the crypto hedge fund Galois Capital shared a survey on the same day that also discussed the possibility of an Ethereum chain split. At that time, Paolo Ardoino, chief technology officer of Tether explained that his company would support the PoS version of Ethereum following The Merge.

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2016, 51% attack, Chandler Guo, Chandler Guo ETC, Chandler Guo ETH, Chandler Guo miner, Chandler Guo tweet, Chinese bitcoin miner, ETC, ETC fork, ETH fork, ETH PoW is DAO, Ethereum Classic, ethereum classic (ETC), Ethereum Classic Hashrate, Ethereum PoW, Grayscale ETC, immutable Ethereum, PoW version of Ethereum

What do you think about Chandler Guo talking about an Ethereum PoW chain? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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2016

Accused Bitfinex Bitcoin Money Launderer Granted Permission To ‘Engage In Legitimate Employment’

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Accused Bitfinex Bitcoin Money Launderer Granted Permission To ‘Engage In Legitimate Employment’

On February 8, 2022, the U.S. Department of Justice (DOJ) arrested a couple that is accused of laundering 94,636 bitcoins stolen from Bitfinex in 2016. The DOJ alleges that the tech entrepreneur, Ilya Lichtenstein, and his wife Heather Morgan, conspired to launder billions of dollars worth of bitcoin. The duo could face 25 years in federal prison if convicted. Five months later, a report indicates that a federal judge has given Morgan permission to get a job and “engage in legitimate employment.”

Former Forbes Author and Street Rapper Heather Morgan Granted Pre-Trial Release in Order to Work

Heather Morgan, one of the accused Bitfinex money launderers, will be allowed to get a traditional job after a judge granted the former tech writer at Forbes the ability to work while her legal case continues. Morgan, who also performed as a New York street rapper called “Razzlekhan” or the “Crocodile of Wall Street,” is accused of an “alleged conspiracy to launder” 94,636 bitcoins which are currently worth $1.95 billion using current BTC exchange rates. Morgan and her husband were arrested early this year, and the bitcoins stemming from the 2016 Bitfinex hack were once worth $4.5 billion.

The two accused Bitfinex bitcoin money launderers Heather Rhiannon Morgan, 31 (pictured left), and her husband Ilya Lichtenstein, 34 (pictured on the right.)

This week a Bloomberg report indicates that a federal judge has given Morgan permission to work amid her pre-trial release. While crimes like murder and burglary have a very low probability of obtaining pre-trial release, statistics show that offenses that involve conspiracy to launder and fraud accusations have an 82% chance of acquiring pre-trial release for specific engagements like attending a funeral or engaging in employment. The judge presiding over Morgan’s case has allowed the former tech author and rapper to seek “legitimate employment.”

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The infamous 2016 Bitfinex hack was close to six years ago, when the exchange lost 119,754 BTC at 10:26 a.m. (ET) that year on August 2. As soon as the 2016 Bitfinex hack news spread, the price of bitcoin dropped 22% against the U.S. dollar during the 24-hour period that followed the heist. It is assumed that the Bitfinex hackers were able to access the Bitfinex server for weeks before the crypto assets were stolen, as reports say the attackers searched for private keys. For close to six years, or up until five months ago, the Bitfinex heist was a mystery and onchain sleuths watching the stolen coins monitored the stash for movements on the blockchain.

US Law Enforcement Agent Claims 2017 Alphabay Transactions Allegedly Connected to Lichtenstein and Morgan

During the first few months, the stolen Bitfinex bitcoins remained idle, but suddenly started moving in January 2017. It is believed that the coins were mixed using BTC tumbling services, and then were sent to the now defunct Alphabay darknet marketplace (DNM). On a few occasions after that, the 119,754 stolen bitcoins were transferred to unknown BTC wallets, but most of the transfers were sent in fractions. Then on February 1, 2022, 94,636 BTC from the 2016 hack were consolidated into a single address, and at the time no one knew why the BTC consolidation occurred. It wasn’t until a week later that the U.S. Department of Justice (DOJ) notified the public that law enforcement seized the 94,636 BTC.

Heather Rhiannon Morgan used to work for Forbes as a tech writer and was also a New York-based street rapper that used the stage names “Razzlekhan” and the “Crocodile of Wall Street.”

The DOJ disclosed that a married couple, Ilya Lichtenstein, 34, and his wife, Heather Morgan, 31, were arrested for an “alleged conspiracy to launder” the stolen Bitfinex BTC. An afr.com report further claims that the BTC sent to the Alphabay DNM was somehow connected to the arrest of Lichtenstein and Morgan years later. The law enforcement agent who made the connection declined to say exactly when and how it was discovered that the two cases were allegedly connected.

While Morgan has been granted permission to find “legitimate employment” opportunities, her and Lichtenstein’s ostensible story has seen a lot of press during the last five months. For instance, almost immediately after the couple’s arrest, the streaming media firm Netflix revealed it had “ordered a documentary series about a married couple’s alleged scheme to launder billions of dollars worth of stolen cryptocurrency in the biggest criminal financial crime case in history.”

What do you think about the federal judge giving Heather Morgan permission to work while her money laundering legal case proceeds? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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