Is it the evidence of not many project using Ethereum Classic that there was a 51% attack? I doubt.. 🙁
With half of the developers leaving the project, all you need to do is wonder why all these divisions in the crypto industry.
You see, when a shit coin goes full time shitty, what can we say? This is it.
Just yesterday at about 10:27pm PT, Coinbase observed a repeated deep reorganization of the Ethereum Classic blockchain, most of which contained double spends.
The total value of the double spends that they observed thus far is 219,500 ETC (~$1.1M). 1 Mil+ losses. 🙄
How Ethereum Classic Was Attacked
On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, they immediately paused interactions with the ETC blockchain.
Subsequent to this event, they detected 12 additional reorganizations that included double spends, totaling 219,500 ETC (~$1.1M).
The Timeline of Ethereum Classic Attacks
Late on the evening of Saturday 1/5, Coinbase’s systems alerted to a deep reorg in ETC that contained a double spend.
Based on the signal, the on-call engineers responded to the alert and worked to confirm the report through the night.
When the event did not turn out well they determined that they would temporarily halt send/receive interaction with the ETC blockchain in order to safeguard customer funds.
This meant that customers who tried to send or receive ETC on Coinbase Consumer or Pro were unable to complete their transactions.
To cut the story short, the following deep chain reorgs were observed duding ETC 51% attack.
♠ Common ancestor:7245623. Depth 4 / Length 7. No double spends were observed in this reorg. Coinbase 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. Coinbase 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**.
Next Steps To Salvaging Ethereum Classic Holders
The Coinbase team is currently evaluating the safety of re-enabling sends and receives of Ethereum Classic and will communicate to all her customers what to expect regarding support for ETC.
As we know, Coinbase takes security very seriously which makes them of the best online wallets ( how to use it).
While Coinbase has assured her customers of being the most trusted and safest place to buy, sell, or store cryptocurrency, the big decision now is knowing what to do.
What To Do Against The Next Attack
First of all, you need to take control of your cryptocurrency by using a good crypto wallet.
On the flip side, the new Ledger X is out in case you want to check it out.
Disclosure: This s my personal views, so, you are entitled to your opinion.
Secondly, you need to sell shit coins for coins that are really decentralized. I mean the coins that chain reorgs attacks are limited.
Just to mention a few, start with XRP and XLM. You can see the whole list here for 2019.
Don’t miss even one of them:
Here you have it. An opportunity for the crypto backstabbers to hail it negatively.
Like I said above, while this is not a good image to the crypto industry, the big question is, why greed should be the main point for launching a crypto asset?
Now tell me, why was ETC created in the first place? (The essence), just to create a tribe of whales?
If yes, then look out what it has caused.
Just to clear every doubt. Ethereum Classic has no major adopters, concrete developer’s teams and of course, remains a shit coin that takes its value based on the hype of being a copycat of Ethereum.
Lesson: hold a viable coin and use a good crypto wallet and ultimately see 5 ways to play safe & win massively like the cryptocurrency whales.