Coinbase suspends Ethereum Classic after the History Blockchain rewrites


Cryptographic exchange Coinbase has blocked all transactions, withdrawals and classic deposits of ethereum due to a series of reorganizations of blockchain history on the network.

The Ethereum classic has seen over 100 "reorganized" blocks during a 51% attack at the end of Sunday, according to at least two different block explorers – Bitfly (Etherchain) and Blockscout. In his blog post, Coinbase found that approximately 88,500 ETCs were spent in two (for a total of about $ 460,000).

Media Publication Coinness reported on Monday that an internal analyst has detected an abnormal hash rate (or energy calculation) that enters a single mining pool, potentially causing mass reorganization (reorg) of extracted blocks. Though initially refuted from the main supporters behind classic ethereum on Twitter, the official account has now stated a potential cause for concern, tweeting:

"We are now working with Slow Mist and many others in the crypto community, and we recommend that the exchanges and the pool increase the confirmation time significantly."

SlowMist, a security company based in China, first warned users of the strange activity that occurred on the network Monday morning, stating that his team was trying to trace the cause of the attack. SlowMist did not immediately respond to a request for comment.

Recent reports by Coinness have stated that "some anomalies" were detected in the mining hash rate of a classic private ethereum mining pool.

Contested accounts

The duration of the attack seems to be under discussion. Blockscout reported that the block reorganizations occurred at 02:00 UTC and at 5:00 UTC on Monday, while Bitfly said in a Tweet at 17:00 UTC that the attack was potentially "in progress"In his note, Coinbase wrote that" the attacks are under way ".

Andrew Cravenho, head of the Blockscout project, told CoinDesk that although the last recorded reorg attack was seen 14 hours ago, the network is constantly "floating" and people are continually changing their hashing power, suggesting the potential of continuous hardships in "perfect circumstances".

He also noted that the reorg could be started before being noted on Blockscout. In a blog post, Coinbase said he noticed the reorg on January 5, two days before other reports began.

And although reiterating on CoinDesk that "a huge reorg has taken place" on the classic ethereum blockchain, Cravenho's explanation of the event as a 51% attack is not widely shared.

In an e-mail to CoinDesk, the advisor of classic ethereum Cody Burns said that activity can not be labeled as a 51% attack but rather "a selfish mining attack" caused by a local phenomenon- customer.

He added in a post about chirping that "… the entire Ethereum network does not" reorganize "at the same time – it is more likely that someone has discovered all the ETC Coinbase nodes and" surrounded "them.

In response to the deep reorg, Kraken announced in an accident report that he was increasing the number of confirmations required to make a classic ethereum deposit. Bitfly told CoinDesk that he was doing the same.

Image of the classic Ethereum logo through Shutterstock

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