Ethereum Classic (ETC) hit directly by a 51% attack! Over 100 million yen in losses and Coinbase halts deposits and withdrawals
Coinbase Reports 51% Attack Occurrence on Ethereum Classic
The United States' largest cryptocurrency exchange, Coinbase, revealed on January 8, 2019, that it detected a 51% attack reorganization on the Ethereum Classic (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 confirmed the Reorg on January 5, 2019
・Coinbase confirmed 12 Reorgs on the ETC blockchain, including double-spends
・Coinbase immediately stopped interactions with the ETC blockchain to protect customer assets
・Loss amount was 219,500 ETC, worth about $1.1 million (approx. ¥120 million)
We are working with Slow Mist and many others in the crypto community. We recommend exchanges and pools significantly increase confirmation times (400-4000+)https://t.co/mKlhFjCodz
— Ethereum Classic (@eth_classic)January 7, 2019
The official Ethereum Classic developer group initially denied Coinbase's report, but currently they are collaborating with security firm SlowMist in China to verify the attack details.
Below is the Japanese translation ⇩
We are collaborating with many including Slow Mist to verify the attack status.
We recommend exchanges and mining pools significantly increase the number of confirmations for blocks.
