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A major reorganization of the Ethereum Classic blockchain (ETC), which reportedly included a double expense, involved more than $ 1.1 million of encryption, revealed Coinbase, the US cryptographic exchange on Monday, January 7.
According to the Coinbase blog, the team detected eight reorganisations for the first time including double expenses, for a total of 88,500 ETCs (approximately $ 460,000). Subsequently, the exchange informed the public in an update that there were 12 additional reorganizations, for a total of 219,500 ETCs (approximately $ 1.1 million).
It was not immediately clear if Coinbase increased the number of attacks previously detected at 12, or if there were 20 attacks in total. If they meant the second, the amount of ETC that was spent double could be $ 1.5 million.
As Cointelegraph wrote earlier, Coinbase took over the blockchain reorganization of ETC on Saturday 5 January, and indicates that it was a 51% attack. The US exchange then temporarily interrupted all interactions with the ETC blockchain. Coinbase states that its customers were not affected by the attack.
The big exchange was soon joined by the Japanese bitFlyer, which as well claimed that there was a 51% continuous attack with a mass reorganization involving more than 100 blocks. The exchange also suspended ETC deposits and withdrawals The Japanese exchange Coincheck also temporarily suspended ETC deposits and withdrawals.
The ETC developers first denied reports on a 51% attack, stating that no double spending was made. However, them asked all stock exchanges and mining pools to significantly increase confirmation times on all withdrawals and deposits.
Later, the Ethereum Classic team he has declared on Twitter, the increase in hahrate could be attributed to the testing of new 1,400 / Mh ethash machines by the Linzhi application-specific integrated circuit manufacturer (ASIC). However, they admitted that even the double expenses could take place:
"Linzhi is testing ASICS, Coinbase has reported a double expense, both of which can be true."
Meanwhile, Wolfgang Spraul, director of operations at Linzhi Shenzhen, denied these claims in a Tweet that was deleted, stating that they could be part of the same attack.
As explained by Cointelegraph, a 51% attack or majority attack can occur when a user or group of users who control most of the extraction power monopolize control over the network. In this case, the attackers have enough power to control most of the events in the ecosystem and, in particular, reverse transactions.
Double spending means that the scammers sell cryptocurrency for Fiat, and then change the ledger to return the coins to themselves, keeping the permit at the same time.
At the time of the press, Ethereum Classic traded at around $ 5.10, down nearly 2 percent a day.
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