The DAO Token Holders May See 7m ETC Returned To Them

The DAO ETC Funds Secure

Over the past few days, there was some confusion as to what happened to 7 million Ethereum Classic Coins. This fund was obtained by “hacking” The DAO a few weeks ago. It appears there was a battle between white hat hackers and the DAO assailant. Up until now, no one has anybody idea who officially controls funds or how it will be used.

A new post has surfaced on Reddit which aims to explain what happened exactly. It is possible the ETC funds is in the hands of “the good guys”, albeit that’s hard to verify. Most people want to see the funds in the hands of the hacker or have it returned to The DAO token holders.

7 Million ETC Are Secure, For Now

The so-called group of white hack hackers had mentioned the secure the funds yesterday. However, the identities of this collective are unknown. In fact, there are multiple groups of white hat hackers active in the Ethereum space. Neither group has anything to do with the other, though.

With seven million ETC in limbo, there is some trepidation on the market. If someone were to sell those coins on the market, they can crash the Ethereum Classic price. However, it is doubtful this will happen, depending on who owns the funds. So far, all evidence points towards jbaylina holding the funds.

For now, there is no clear indication as to what will happen with the coins. Some people are speculating the funds will be restored to The DAO token holders. Then again, those individuals never showed any interest in the funds, and they might not even be aware of it. At the same time, the funds could be used to fund further development for Ethereum Classic as well.

All in all, this is good news for the ETC community. If the funds were still in the hands of the “wrong” people, a market crash would be imminent. For now, everybody can relax, as no bad things will happen overnight. But ETC is not out of the woods just yet, and exciting times are ahead.

Header image courtesy of Shutterstock

If you liked this article, sign up for the newsletter on the main page, and make sure to follow Fintechist on Twitter and Facebook!