219,500 Ethereum Classic (ETC) Worth $1.1 Million Double Spent During 51 Percent Attack; Coinbase May Delist : CryptoCurrency
Ethereum Classic (ETC) has been below siege because of a 51 % assault, as detailed in a CryptoIQ article the day prior to this. There was once first of all improper data that this 51 % assault, that it was once because of the trying out of latest 1.four GH/s ETHash ASICs and didn’t have any related double spends.
This led to a public outcry to prohibit ASICs at the Ethereum Classic (ETC) and Ethereum (ETH) networks. However, an research through Coinbase unearths that 219,500 ETC price $1.1 million has been stolen in double spends, leaving unquestionably that this assault was once executed for benefit and no longer because of ASIC trying out.
Further, Coinbase’s research unearths that the 51 % assault has been going on on and off from Jan. five to Jan. eight, making this a chronic assault, no longer a one-time incident. The longest 51 % assault was once 123 blocks deep, which is ready 30 mins.
There have been a complete of 15 of those assaults thus far, maximum of that have been related to double spends. Merchants and exchanges were instructed to attend a minimum of 400 confirmations ahead of accepting an Ethereum Classic (ETC) transaction to be secure, even though if any person has 51 % of the hash energy then technically no quantity of transaction confirmations are secure.
The safety and immutability of Ethereum Classic (ETC) is now in critical doubt. Double spends are very unhealthy for customers of the community since transactions can also be reversed through an attacker at will. It is obvious that any person has the skill to 51 % assault Ethereum Classic at will, they usually may most likely do it once more.
Due to this loss of safety Coinbase has frozen all Ethereum Classic (ETC) deposits and withdrawals. It isn’t but recognized whether or not Coinbase will delist Ethereum Classic, however it kind of feels like a chance if the safety issues can’t be rectified.
Surprisingly, OKEx stays open for Ethereum Classic deposits and withdrawals, with simplest 100 confirmations required for a deposit. This turns out like a significant safety possibility for the reason that attacker has already demonstrated that they may be able to 51 % assault for greater than 100 blocks in a row.
Roughly $60 million (10 %) has been slashed from the Ethereum Classic (ETC) marketplace cap since this double spend incident started. If Coinbase delists ETC — and we don’t know if it is going to — it would result in a a ways higher crash.