Ethereum Classic Reels From 51% Attack: Double-Spends Reported – Bitcoinist.com

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Ethereum Classic Reels From 51% Attack: Double-Spends Reported - Bitcoinist.com

Coinbase has frozen buying and selling of Ethereum Classic (ETC) as builders proceed to make clear stories that the coin’s community suffered a blockchain reorganization assault.


Coinbase, China And ASICs

Originally reported as rumors January 6, ETC zerozero has since succumbed to a thriller offensive which officers have but to elucidate.

The Coinbase transfer got here following allegations from the trade that ETC had undergone a reorganization and malicious events had double spent cash price virtually $500,000, following what is called a 51 % assault, the place one mining entity features management of greater than half of a community’s hash fee.

On social media, ETC appeared unsure in regards to the true nature of the scenario.

In a now deleted tweet from Monday, officers claimed it was “more likely selfish mining” which had precipitated the upset. Subsequently, nonetheless, it grew to become obvious that no questions had been definitively answered.

“To be clear we are making no attempt to hide or downplay recent events,” they wrote in a more moderen tweet.

Facts are details and because the scenario develops we’ll quickly get a full image of what really occurred.

Exposure Woes

At the identical time, ETC poured suspicion on one mining entity, Linzhi, and its use of ASIC mining tools. When quizzed by cryptocurrency information outlet CoinDesk, nonetheless, the Chinese firm had already flatly rejected any implication of foul play.

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