Cryptocurrency

After the two fierce 51%-attacks: Coinbase delayed transactions, Ethereum Classic

Coinbase is delaying all transactions, Ethereum Classic (ETC) after the network has suffered in the past week two 51% attacks, in which hackers were able to steal millions of ETC.

As the San Francisco-based exchange in a Tweet writes, set the confirmation time for the ETC, which will be sent to Coinbase, and Coinbase Pro, now two weeks after the recent attacks on the network. As it is, watching the Situation.

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The decision came after hackers Ethereum Classic had stolen on two attacks – a value of over $ 5 million, by gaining control over the majority of the network, and a so-called Blockreorg carried out.

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Ethereum Classic attacked for four days

According to a study of the On-Chain-company Bitquery this week, hackers have reorganized in the second, a 51%-attack of Ethereum Classic on Thursday about 4.236 blocks (a value of $ 3.3 million), and ETC to the value of 1.68 million dollars to successfully double-spent.

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The attacker captured during the event for more 14.200 ETC about the block rewards. The attack required Hashpower was obtained from Nicehash dagger Hashimoto is the same as in the first attack, so Bitquery.

The Event on Thursday followed a previous attack on 1. August, who at the time was mistaken for a software error. The report estimates that the Hacker was able to achieve for his efforts, more than 2,800% profit, because he had spent 17,5 Bitcoin (BTC) in the value of 192,000 dollars for the rental of hashing Power from Nicehash for the execution of the attack.

Meanwhile, Bitquery stated that the attack between the 31. July and 1. August took place, but “due to the intricate planning and knowledge of the Ethereum Classic Protocol for several days, undetected”.

In the report it is stated:

“The hackers began the attack, by he transferred ETC from under his control, the Exchange Wallet and then back again.”

Criminal acts and a OKEx-connection

Ethereum Classic Labs, the Central development organization behind Ethereum Classic, said Friday in a press release that it had hired the law firm Kobre & Kim in order to investigate the assailants behind the 51% attacks, and to impose strict criminal charges against you.

It States that eleven of malicious transactions from a single address went out, which was inserted on the attack in the Blockchain of Ethereum Classic. Thus, more than 807.000 ETC could be double-spent.

Bitquery added that the addresses of the attacker may be hosted either at OKEx, or at one of the exchange-related companies. This has not been confirmed by the stock exchange.

Ethereum Class Labs according to the organizations would be able to take several measures to prevent further interference with the network:

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The investigations are in progress.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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