Ethereum Classic’s Price Stumbles Suspected 51% Attack
Jan 7, 2019 at 22:32 UTC
The price of the ethereum classic (ETC) is pulling back as a result of a recently reported attack that resulted in a series of blockchain history rewrites.
ETC is trading at an average price of $5.01 – down more than 7.5 percent in the past 24 hours, according to data from CoinMarketCap.
ETC had fallen within this day down to $4.93 at 20:00 UTC, which at the time registered a near 10 percent daily depreciation.
Coinbase Suspends Ethereum Classic After Blockchain History Rewrites
Jan 7, 2019 at 23:03 UTC
Crypto exchange Coinbase has halted all ethereum classic transactions, withdrawals and deposits due to a series of blockchain history reorganizations on the network.
Ethereum classic saw more than 100 blocks “reorganized” during 51 percent attack late Sunday, according to at least two different block explorers – Bitfly (Etherchain) and Blockscout. Coinbase said in its blog post that it detected some 88,500 ETC being double spent (totaling some $460,000).
Media publication Coinness reported Monday that an in-house analyst had detected an abnormal hash rate going into a single mining pool, potentially causing mass reorganizations of mined blocks.
Ethereum Classic Price Chart