Coinbase suspends movement of ETC (Ethereum Classic) after $460,000 is stolen in double spend attacks

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Coinbase suspends movement of ETC (Ethereum Classic) after $460,000 is stolen in double spend attacks

From the coinbase twitter

 

Coinbase suspends ETC transactions

In what is an effort to mitigate any fraud transactions from occurring using the coinbase service, coinbase announced they have suspended movement of ETC in or out of coinbase, though they did mention they were not victim to any loss or theft of ETC.

more From the coinbase blog

We observed the following deep chain reorgs:

  • Common ancestor: 7245623. Depth 4 / Length 7. No double spends were observed in this reorg. We noted that this was a reorg of unusual depth for ETC.
  • Common ancestor: 7248488. Depth 5 / Length 6. No double spends were observed in this reorg. We noted that a second reorg of unusual depth was highly suspicious, but did not necessary indicate an attack as there was no double spend and the depth was still below the ETC confirmation limit for most services.
  • Common ancestor: 7249343. Depth 57 / Length 74. A transaction of value 600 ETC in orphaned block 7249357 was double spent by a transaction in attacker block 7249361**.

We ceased interacting with the ETC blockchain upon observing this reorg. Coinbase was not the target of this double spend and no funds were lost.

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