Ethereum Classic hit by 51% attack, seeing double spends totalling $460,000

07 Jan, 2019
by David Borman
Breaking News
Ethereum Classic hit by 51% attack, seeing double spends totalling $460,000

It looks like Ethereum Classic has been hit with a 51% attack today, causing a massive chain reorganization and double spent transactions totalling 88,500 ETC or about $460,000. In response Coinbase announced that it was halting all movements of ETC until further notice, and the ETC team suggested all exchanges dramatically increase the number of confirmations for transactions, if nothing else.

According to Coinbase, beginning on the 5th they began to see multiple, deep reorganizations to the Ethereum Classic blockchain. So far a total of 88,500 ETC has been double spent under the attack, and seeing this is what prompted Coinbase to halt all activity with the coin. News has been spreading fast, causing many, including the Ethereum Classic team, to respond on twitter.

Perhaps not surprisingly, as the news has spread it has hurt the price of ETC fairly quickly. As of this writing, the coin has slipped -7.73% to about $5.ETCUSD

Whether this will be a blip for the ETC network or the beginning of something bigger remains to be seen. Stick with Chepicap for all updates!

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