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Cryptocurrency, Ethereum Classic (ETC) –In a bizarre breakthrough in the history of Ethereum Classic, developers for the ETC token now claim that the blockchain has not suffered a 51% attack, as well as denying the presence of double spending.
Such as reported at the start of the day at EWN, the Coinbase team released a revealing post on the status of Ethereum Classic, stating that the currency had undergone a "profound reorganization of the chain".
The Twitter post deepened the question, saying
"On 1/5/2019, Coinbase noted a major reorganization of the Ethereum Classic blockchain chain that included a double expense."
On 1/5/2019, Coinbase noted a deep reorganization of the Ethereum Classic blockchain chain that included a double expense. In order to protect customer funds, we immediately suspended the movements of these funds on the ETC blockchain. Read more here: https://t.co/vCx89dz44m
– Coinbase (@coinbase) January 7, 2019
Coinbase went on to say that, in the interest of protecting its user base, they responded to suspicious activity by suspending the circulation of the affected funds on the ETC blockchain. The post's specifications, according to Mark Nesbitt, Coinbase's security engineer, include a flaw in ETC's Proof of Work system that allowed "reorg" of "repeated" blocks – or an individual or group of attackers to repeatedly modify blockchain operations.
More worrying is the fact that the double expense amounts to 88,500 ETC, worth $ 450,000. The attacker was able to produce transactions that were only subsequently captured by Coinbase before the exchange made the decision to cut the funds to be transferred. In addition, Coinbase is the only high-profile exchange at this point to publicize the fraud of the ETC.
However, the developers of Ethereum Classic were quick to respond to the allegations, claiming that a mining pool was responsible for some of the suspicious behavior, accounting for over 50% of the hash rate of the network and engaging in "self-extraction activities" . from the official ETC account, the developers claim that the ASIC producer Linzhi was about to test new ethash machines, with a network hash rate of 50% higher than a direct attempt of a 51% attack. The tweet also states that "the double spends [were] not detected ", contradicting some details in the Coinbase report.
As for the recent mining events. We might have an idea where the hashrate came from.
The manufacturer ASIC Linzhi has confirmed the testing of new 1,400 / Mh ethash machines #projectLavaSnow
– Probably selfish mining (no 51% attack)
– Double passes undetected (blocks downloaded by miner)– Ethereum Classic (@eth_classic) January 7, 2019
Despite the response from the Ethereum Classic development team, Coinbase did not resume the withdrawal and deposits on ETC, choosing instead to monitor the currency for future business. Although he pointed out that the reorganizations led to double expenses totaling $ 450,000, the exchange argues that "it was not the objective of this double expense and no funds were lost", providing some overlap with the comments of the ETC team
After offering the currency to investors to buy, trade and sell, Coinbase again traded Ethereum Classic in November 2018, marking one of the first coin additions for months after it made the announcement during the summer. However, ETC, the eighteenth largest currency by market capitalization, is falling down after news of the possible attack and double spending, falling more than 8 percent from writing.
With market capitalization and the hash power of the altcoin network falling in response to the bearish market of 2018, it was a fear for investors and coin users that a 51% attack would have led to more widespread delinquent chain. Last May, researcher Husam Abboud calculated that such a move against the Ethereum Classic blockchain would cost about $ 70 million, far from the seemingly sneaked amount over the weekend.
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