Many exchanges including Coinbase have decided to suspends Ethereum Classic after it’s blockchain history was detected to have been rewritten. Ethereum classic saw more than 100 blocks “reorganized” during a 51 percent attack late Sunday, according to at least two different block explorers – Bitfly (Etherchain) and Blockscout.
Kraken has announced in an incident report that it was increasing the number of confirmations required to make an ETC deposit. Bitfly told CoinDesk that it was likewise taking this action and Poloniex announced it was disabling ETC wallets, and it does not currently have a firm timeline on when they will be re-enabled.
Coinbase wrote on twitter:
“Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain.”
On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Read more here: https://t.co/vCx89dz44m
— Coinbase (@coinbase) January 7, 2019
Coinbase said in its blog post that it detected some 88,500 ETC being double-spent (totaling some $460,000).
Some crypto commentators have speculated that it might be in the interest of Ethereum (ETH) stakeholders to attache ETC ahead of the Constantinople fork to discourage miners from switching to mining ETC when the ETH mining reward drops.
Makes sense to me that eth stakeholders are attacking etc ahead of the Constantinople and progpow forks to discourage miners from switching when their rewards are slashed by 33%.
Complete speculation but that makes sense to me. https://t.co/u6I2OErUPU
— Matt Odell (@matt_odell) January 7, 2019
Pierre Rochard a notable Bitcoin developer had warned of the reorg yesterday:
Just to close the loop on this interaction yesterday, I wasn't making shit up to mock ETC: https://t.co/vRLgGKuyTn
I don't have more information and frankly I don't care enough about ETC to find out more. https://t.co/2H5Dbfa8Qq
— Pierre Rochard [⚡️] (@pierre_rochard) January 7, 2019