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Exchanges Suspend Ethereum Classic After Massive 51% Attack
Altcoin, Altcoin News

Exchanges Suspend Ethereum Classic After Massive 51% Attack

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.”

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.

Pierre Rochard a notable Bitcoin developer had warned of the reorg yesterday:

 

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