{"id":367533,"date":"2019-01-07T20:00:32","date_gmt":"2019-01-07T20:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=367533"},"modified":"2019-03-11T20:39:31","modified_gmt":"2019-03-11T20:39:31","slug":"coinbase-ethereum-classic-51-attack","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase-ethereum-classic-51-attack\/","title":{"rendered":"Coinbase Forced to Suspend Ethereum Classic Trading After 51% Attack"},"content":{"rendered":"

Ethereum Classic<\/a>, the original unforked Ethereum blockchain, has suffered a 51% attack resulting in nearly half a million dollars worth of double spends according to Coinbase.<\/p>\n

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.<\/p>\n

Ethereum Classic Hit With 51% Attack, Chain Reorg<\/h2>\n

Rumors began circulating over the weekend regarding a potential chain reorganization of the Ethereum Classic blockchain, however, the official Twitter account<\/a> for the cryptocurrency took to Twitter to refute the claims, saying that the ETC network appeared to be \u201coperating normally\u201d despite reports claiming otherwise.<\/p>\n

Hours later, the account changed its tune and began requesting that exchanges and mining pools allowed for a \u201csignificantly higher confirmation time\u201d on ETC withdrawals and deposits, indicating that something may be awry.<\/p>\n

Related Reading | Bear Market Strikes: Etheruem Classic Dev Folds<\/a><\/strong><\/em><\/p>\n

The following morning, the Twitter account for Etherchain.org confirmed the \u201csuccessful 51% attack\u201d 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.<\/p>\n

Coinbase: Nearly Half a Million in Ethereum Classic Double Spends<\/h2>\n

Following the events that transpired, Coinbase<\/a> published an update on the discrepancies discovered in the Ethereum Classic network. Coinbase in a blog post<\/a> said it discovered a deep chain reorganization that included a double spend that prompted the firm\u2019s security team to halt all Ethereum Classic deposits and withdrawals.<\/p>\n

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\u2019s current price of $5.04 on Coinbase Pro.<\/p>\n

As of Coinbase\u2019s blog post this evening, Security Engineer Mark Nesbitt says the attacks are still \u201congoing.\u201d<\/p>\n

A 51% attack occurs when a miner or group of miners control the majority portion of a network\u2019s hashpower, allowing them manipulate transactions to their advantage. In this case, the culprit selected a previous block and extended an \u201calternative block history\u201d in what\u2019s called a chain reorganization.<\/p>\n

Related Reading | Cornell Professor: Most Crypto Costs $1M a Day to 51% Attack<\/a><\/strong><\/em><\/p>\n

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<\/a> was among the most vocal, warning investors<\/a> to \u201cbe careful\u201d with coins that aren\u2019t dominant in the mining algorithm they use, \u201cespecially ones that are NiceHash-able.\u201d Lee explained that ETC is 98% NiceHash-able.<\/p>\n

Advisor for various blockchain firms, Tim Swanson, also added his thoughts<\/a> on the subject, warning that proof-of-work blockchains, such as Bitcoin<\/a> and Ethereum Classic, \u201ccannot 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.”<\/p>\n

\n
Featured Image from Shutterstock<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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 \u201coperating normally\u201d despite reports claiming otherwise. Hours later, the account changed its tune and began requesting that exchanges and mining pools allowed for a \u201csignificantly higher confirmation time\u201d 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 \u201csuccessful 51% attack\u201d 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. 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\u2019s 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\u2019s current price of $5.04 on Coinbase Pro. As of Coinbase\u2019s blog post this evening, Security Engineer Mark Nesbitt says the attacks are still \u201congoing.\u201d A 51% attack occurs when a miner or group of miners control the majority portion of a network\u2019s hashpower, allowing them manipulate transactions to their advantage. In this case, the culprit selected a previous block and extended an \u201calternative block history\u201d in what\u2019s 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 \u201cbe careful\u201d with coins that aren\u2019t dominant in the mining algorithm they use, \u201cespecially ones that are NiceHash-able.\u201d 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, \u201ccannot 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<\/p>\n","protected":false},"author":517,"featured_media":367535,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625],"tags":[14710,1290,1393,1946,9134],"class_list":["post-367533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","tag-51-percent-attack","tag-charlie-lee","tag-coinbase","tag-ethereum","tag-ethereum-classic"],"acf":[],"yoast_head":"\nCoinbase Forced to Suspend Ethereum Classic Trading After 51% Attack<\/title>\n<meta name=\"description\" content=\"Ethereum Classic, has suffered a 51% attack resulting in nearly half a million dollars worth of double spends according to Coinbase.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coinbase Forced to Suspend Ethereum Classic Trading After 51% Attack","url":"http:\/\/wncen.com\/news\/coinbase-ethereum-classic-51-attack\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinbase-ethereum-classic-51-attack\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/ethereum-coinbase-shutterstock_1106070026.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/ethereum-coinbase-shutterstock_1106070026.jpg?fit=1000%2C750"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["51 percent attack","charlie lee","coinbase","ethereum","ethereum classic"],"dateCreated":"2019-01-07T20:00:32Z","datePublished":"2019-01-07T20:00:32Z","dateModified":"2019-03-11T20:39:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coinbase Forced to Suspend Ethereum Classic Trading After 51% Attack\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-ethereum-classic-51-attack\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-ethereum-classic-51-attack\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/01\\\/ethereum-coinbase-shutterstock_1106070026.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/01\\\/ethereum-coinbase-shutterstock_1106070026.jpg?fit=1000%2C750\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"51 percent attack\",\"charlie lee\",\"coinbase\",\"ethereum\",\"ethereum classic\"],\"dateCreated\":\"2019-01-07T20:00:32Z\",\"datePublished\":\"2019-01-07T20:00:32Z\",\"dateModified\":\"2019-03-11T20:39:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/ethereum-coinbase-shutterstock_1106070026.jpg?fit=1000%2C750","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/367533"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=367533"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/367533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/367535"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=367533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=367533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=367533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}