• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
ethereum classic 51% attack double spend

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

Esther Kim
by Esther Kim
6 years ago
·
Posted in News, Altcoin News, Altcoins, Ethereum, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Coinbase has frozen trading of Ethereum Classic (ETC) as developers continue to clarify reports that the coin’s network suffered a blockchain reorganization attack.


Coinbase, China And ASICs

Originally reported as rumors January 6, ETC [coin_price coin=ethereum-classic] has since succumbed to a mystery offensive which officials have yet to explain.

The Coinbase move came following allegations from the exchange that ETC had undergone a reorganization and malicious parties had double spent coins worth almost $500,000, following what is known as a 51 percent attack, where one mining entity gains control of more than half of a network’s hash rate.

On social media, ETC appeared uncertain about the true nature of the situation.

In a now deleted tweet from Monday, officials claimed it was “more likely selfish mining” which had caused the upset. Subsequently, however, it became apparent 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 recent tweet.

Facts are facts and as the situation develops we’ll soon get a full picture of what actually took place.

https://twitter.com/eth_classic/status/1082392663314202624

Exposure Woes

At the same time, ETC poured suspicion on one mining entity, Linzhi, and its use of ASIC mining equipment. When quizzed by cryptocurrency news outlet CoinDesk, however, the Chinese company had already flatly rejected any implication of foul play.

“We are categorically denying such claims, they are entirely baseless and may be part of the attack itself,” director of operations Wolfgang Spraul wrote in an email.

ETC/USD fell as the news surfaced, reaching 6 percent losses in 24 hours and dropping below $5.

Elsewhere, commentator grubles noted the “liability” factor for exchanges such as Coinbase was less with ETC versus Ethereum (ETH) itself than with the Bitcoin Cash (BCH) hard fork and Bitcoin (BTC). A split of BCH had likewise undergone a reorganization after it formed its own chain.

“ETC has 4.8% of ETH’s hash rate bcash has 3.7% of Bitcoin’s hash rate. [Bitcoin Cash] is more of a liability for exchanges than ETC,” he wrote. Though 51 percent attack resource Crypto51 shows that a rented hash power attack would cost roughly $10,000 for BCH per hour compared to $4,700 for ETC.

Vertcoin and Bitcoin Gold have also suffered 51 percent attacks in 2018, proving that market capitalization is a poor metric for measuring network security.

Coinbase will keep hold of all ETC funds deposited with it until further notice.

What do you think about the Ethereum Classic network attack? Let us know in the comments below!


Images courtesy of Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Esther Kim

Esther Kim

Follow

Full Profile

Related Posts

Ethereum

Ethereum On-Exchange Holdings Falls To Multi-Year Low – Here’s How Much ETH Is Left

Just now
India

India Cracks Down: Stricter Rules To Combat Rising Digital Payments Fraud

1 hour ago
OTC Whale Buys 60,333 Ethereum For $238.7M Despite Market Selloff

OTC Whale Buys 60,333 Ethereum For $238.7M Despite Market Selloff

2 hours ago
PrimeXBT: Top 5 altcoins to watch in 2025 

PrimeXBT: Top 5 altcoins to watch in 2025 

5 hours ago
Ethereum

ARK Invest Forecast Highlights $25 Trillion Crypto Market Cap, Here’s How Much Ethereum And XRP Will Be

14 hours ago
Philippines

Philippines Authorities Move To Put Key Public Records On Blockchain After Mass Protests

16 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    11 hours ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    2 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    3 days ago
  • Snorter надхвърли $4 милиона след...

    4 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.