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Coinbase has Detected Deep Chain Reorganization on Ethereum Classic (ETC)

Security

Ethereum Classic (ETC) is reportedly under 51% Attack.

According to the statement on the Coinbase blog,

“On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend”.

In order to protect customer funds, Coinbase “immediately paused interactions with the ETC blockchain”. Subsequently, they detected 12 additional reorganizations that included double spends, totalling 219,500 ETC (~$1.1M).

Coinbase further explained:

“The miner could send those coins to a merchant in a transaction, T, while also secretly extending an alternative block history. The miner’s secret blocks do not include T, but rather include a transaction that sends the same coins used in T to a different address.”

Source: Coinbase Blog

Source: Coinbase Blog

Denying the allegations, ETC replied through the following tweet:

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