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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Coinbase Forced to Suspend Ethereum Classic Trading After 51% Attack

Tony Spilotro by Tony Spilotro
4 years ago
in Cryptocurrency news, Ethereum
Reading Time: 3 mins read
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Ethereum Classic, the original unforked Ethereum blockchain, has suffered a 51% attack resulting in nearly half a million dollars worth of double spends according to Coinbase.

Coinbase detected the deep chain reorganizations over the weekend, forcing the cryptocurrency firm to freeze all Ethereum Classic transactions on their trading platforms and other products and services.

Ethereum Classic Hit With 51% Attack, Chain Reorg

Rumors began circulating over the weekend regarding a potential chain reorganization of the Ethereum Classic blockchain, however, the official Twitter account for the cryptocurrency took to Twitter to refute the claims, saying that the ETC network appeared to be “operating normally” despite reports claiming otherwise.

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Hours later, the account changed its tune and began requesting that exchanges and mining pools allowed for a “significantly higher confirmation time” on ETC withdrawals and deposits, indicating that something may be awry.

Related Reading | Bear Market Strikes: Etheruem Classic Dev Folds

The following morning, the Twitter account for Etherchain.org confirmed the “successful 51% attack” on the Ethereum Classic network with “multiple” block reorganizations, and made recommendations that corresponding services and exchanges increased confirmation time, much like the Ethereum Classic account first suggested.

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Coinbase: Nearly Half a Million in Ethereum Classic Double Spends

Following the events that transpired, Coinbase published an update on the discrepancies discovered in the Ethereum Classic network. Coinbase in a blog post said it discovered a deep chain reorganization that included a double spend that prompted the firm’s security team to halt all Ethereum Classic deposits and withdrawals.

After the initial detection that led Coinbase to pause all ETC activity, eight additional reorganizations including double spends were discovered that totaled 88,500 ETC, or roughly $446,000 at ETC’s current price of $5.04 on Coinbase Pro.

As of Coinbase’s blog post this evening, Security Engineer Mark Nesbitt says the attacks are still “ongoing.”

A 51% attack occurs when a miner or group of miners control the majority portion of a network’s hashpower, allowing them manipulate transactions to their advantage. In this case, the culprit selected a previous block and extended an “alternative block history” in what’s called a chain reorganization.

Related Reading | Cornell Professor: Most Crypto Costs $1M a Day to 51% Attack

The cryptocurrency community took to Twitter to discuss the prominent cryptocurrency, which currently ranks in the top 20 cryptocurrencies according to CoinMarketCap. Litecoin creator Charlie Lee was among the most vocal, warning investors to “be careful” with coins that aren’t dominant in the mining algorithm they use, “especially ones that are NiceHash-able.” Lee explained that ETC is 98% NiceHash-able.

Advisor for various blockchain firms, Tim Swanson, also added his thoughts on the subject, warning that proof-of-work blockchains, such as Bitcoin and Ethereum Classic, “cannot guarantee settlement finality.” As was the case with Ethereum Classic, should any one entity gain majority control of the network’s computing power, it puts the entire blockchain and userbase at risk. Swanson warns that the “disruption to commercial activity could be devastating.”

Featured Image from Shutterstock
Tags: 51 percent attackcharlie leecoinbaseethereumEthereum Classic
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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