Many of you might be wondering, what is going on with Ethereum and Ethereum Classic.

To give you a brief summary

The DAO hacker currently has a stash of ETH coins he can sell off at any moment. The Ethereum team decided it would be best to fork the current chain removing any chance for the hacker to sell of or spend his stolen coins.

Fast forward to today

Poloniex decided to support the "original" chain before the fork. Unfortunately this is the chain the hacker is on and the Ethereum team refuses to support it since it was meant to be a dead chain.

Now What?

The one group no one thought of during the fork is the original Ethereum backers. These were the guys who bought into the ICO (before ETH was tradeable). According to them they never agreed to this and will use their (now huge) stash of ETH and BTC to support the Ethereum Classic chain.

> Once the ETC was listed on Poloniex, we purchased X amount over 3 hours under .0012. As you are aware, we are defending the .001 area on the market from those who wish to harm price discovery. We wish you the best. Under a 10-1 dilution, we have enough BTC to absorb attempts and will do so.

This might be the reason for the current surge in Ethereum Classic's price on Poloniex. I literally watched their huge buy walls move throughout the first day on Poloniex.

> Our next blog post will detail our trading activity and demonstrate our influence within the ecosystem. We now reach out to collective mining pools and will be providing support and incentives for early switches back to the original network.

Not a good day at all for Ethereum..

Source: https://bitflikz.com/blogs/news/ethereum-whales-offer-legal-support-for-dao-hacker-challenging-foundation