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If there's one thing cryptocurrency is supposed to guarantee, it's one that can not be the same coin twice. Bitcoin, for example, is registered in a database that anyone can access. The database is called a blockchain, and it's supposed to keep everyone honest.
But there's a way to get around that rule. On Monday, cryptocurrency trading hub Coinbase said it would not be easier to facilitate trades in Ethereum Classic because the exchange had the cryptocurrency had fallen victim to an attack that let someone spend the same coins twice.
The attack highlights a problem that the blockchain experts have known about since the beginning of cryptocurrencies. Record cryptocurrencies. It is also a big blow for Ethereum Classic, which can not be longer on Coinbase, a major exchange for all kinds of cryptocurrencies.
According to Coinbase security engineer Mark Nesbitt's blog post, the attackers could spend coins twice because of what's called a 51 percent attack. To do this, attackers took the control of the Ethereum Classic blockchain. That let the attackers create alternative transactions for some coins, essentially spending them twice.
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A Twitter account for Ethereum Classic said it was a 51 percent attack and had not seen signs of "double spending" coins. "[Coinbase] allegedly detected double spends but unfortunately did not connect with ETC personnel about the attack, "to tweet from the account" said Monday.
The coins that attackers allegedly spent twice were worth about $ 460,000, Nesbitt wrote. He added that he was a vulnerable.
