Just-In: Ethereum PoW (ETHW) Price Skyrockets Over 40%, Here's Why

Ethereum hard fork project EthereumPoW on Tuesday launched the cross-chain bridge ETHW Bridge. The new bridge supports Ethereum (ETH), Tether (USDT), and USD Coin (USDC) between ETHW and the Ethereum network. As a result, the ETHW price has skyrocketed nearly 40%, making a high of $7.28 in the last few hours.

ETHPoW (ETHW) Jumps on Launch of Ethereum Bridge

Ethereum hard fork project EthereumPoW in a tweet on September 20 announced the launch of the cross-chain bridge ETHW Bridge backed by BridgeTech. The bridge supports Ethereum (ETH), Tether (USDT), and USD Coin (USDC) from the Ethereum PoS network to ETHPoW.

However, the bridge doesn’t support ETHPoW to the Ethereum network. It means users will not be able to convert ETHW tokens to ETH. Moreover, there are no details on adding the ETHW to Ethereum PoS network support later.

The contracts on the ETHPoW are as follows:

ETH (PoS): 0xB007f6c4511fD2b70a02BfcFAb6072BcEf21788d

USDC: 0xC675FDBe260e1ee93106Ee596B916952a9344f44

USDT: 0xB6334BeDf341d111525A1Db8fBE7805dE57De957

Moreover, the Chain ID of the ETHPoW Bridge is 10001. Experts criticized the EthereumPoW on the possibility of replay attacks due to issues with Chain IDs.

In fact, exploiters were able to get 200 ETHPoW (ETHW) tokens in a replay attack on September 18. The attacker transferred 200 WETH through the Omni Bridge on the Gnosis chain and replays the transaction date on the ETHW chain to get the same amount of ETHW tokens.

The attack happened because the Omni Bridge on the ETHPoW chain used the old chainID. As a result, the ETHPoW (ETHW) price dropped 37% to a low of $4.22 on Monday.

ETHW Price Jumps 40% Despite the Replay Attack

The ETHPoW (ETHW) price has jumped over 40% in the last 24 hours despite the replay attack on the network. ETHW has made a 24-hour low and high of $4.87 and $7.28, respectively.

At the time of writing, the ETHW price is trading at $6.90. Moreover, the trading volume is increasing after the Merge.

Meanwhile, Ethereum’s (ETH) price has recovered slightly after falling below the support level of $1,430. The ETH price is trading at $1,356, up over 5% in the last 24 hours.

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Varinder Singh

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