As the most-awaited merge on the Ethereum network successfully completed, its after-effect can now be seen. Due to a hard fork proposed by a popular Chinese miner, Chandler Guo, many users are not able to open web pages to access their ETHW.
Some reports indicated the replay attacks against EthereumPoW. But additionally the security firms like CertiK and PeckShield stated in a Tweet on September 18, 2022 that they are related to the Incorrect ChainID and the “vulnerability does not lie with EthereumPoW.”
We have seen probable replay attacks taking advantage of incorrect ChainID inputs to token bridges. The vulnerability does not lie within @EthereumPoW
We can see that the exploiter 0x82FaE has transferred funds to an @MEXC_Global account.
Stay Vigilant! pic.twitter.com/mYA5H7B1do
— CertiK Alert (@CertiKAlert) September 18, 2022
Poloniex’s Rival Chain Support
However, the hard fork is still getting support from community members like Justin Sun, who promised that the crypto exchange he has invested in- Poloniex, will list ETHW. But then the exchange made an announcement on September 15, 2022, and cited the “market situation, consensus of users and the community, the exchange had a change of heart and decided to go with a rival fork chain – EthereumFair (ETF).”
Poloniex further added in the announcement “Poloniex will rename ETHW as EthereumFair (ETF) and resume the trading of ETF markets (ETF/USDT, ETF/USDD, ETF/ETH) on September 15, 2022 at 13:15 (UTC). The trading history of ETHW markets will be inherited by the corresponding ETF markets. It will also list other valid Ethereum fork tokens for trading in due course. The ETF token is yet to be enabled for deposit or withdrawal.”
ETHW Massive Price Drop
The massive price drop of ETHW can be seen due to the network issues, competitive blockchains, and lack of promised support. But the asset is still available for trading in some exchanges.
As per the CoinMarketCap, it is currently trading at a price of $5.29 USD with a 29.61% drop in the past 24 hours. While the current market capitalization is not available on the CoinMarketCap website.
Source: https://www.thecoinrepublic.com/2022/09/19/almost-90-price-drop-of-ethw-poloniex-support-ethereumfair/