By Jon Russell
Coinbase is preparing to list a lot of new coins this year, but its first major piece of action in 2019 is to temporarily pause one of its existing portfolio. The exchange said it has stopped all trading on Ethereum Classic — a cryptocurrency it added back in August — after it detected an attack on the cryptocurrency’s network.
Coinbase identified “a deep chain reorganization” of the Ethereum Classic blockchain which essentially means that someone controlling miners on the network had rewritten transaction history. Such tampering can allow what’s called ‘double spending,’ which essentially invalidates past transactions to alter the route of cryptocurrency transfers — a lot like stealing. Coinbase said it found a further eight reorganizations which, coupled with the larger one, saw around 88,500 RTC ($460,000) in double spends.
It is being suggested that the incident is a 51 percent attack — essentially, anyone who controls over half of the mining power has the ability to rewrite transaction history — but, as Coindesk notes, that is just one potential explanation. Others could be that Coinbase’s ETC nodes were ‘surrounded’ — an explanation put forward by Ethereum Classic advisor Cody Burns — while the official Ethereum …read more
Source: Tech Crunch