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Coinbase delays Ethereum Classic transactions after two 51% attacks

Coinbase will delay all Ethereum Classic (ETC) transactions after the network suffered two 51% attacks last week, with hackers stealing millions in ETC.

The San Francisco-based exchange said on a tweet the confirmation time for ETC sent to Coinbase and Coinbase Pro is now set at 2 weeks after the recent network attacks. It added they were monitoring the situation.

Given the recent network attacks on Ethereum Classic, we have increased the confirmation time for ETC sent to Coinbase & Coinbase Pro to ~2 weeks. We are actively monitoring the situation and will provide updates as they become available. — Coinbase Support (@CoinbaseSupport) August 8, 2020

The decision came after hacker/s stole over $5 million worth of Ethereum Classic — spread over two attacks — by gaining control over the majority of the network and performing a block reorg.

In light of recent network attacks, it's recommended that all exchanges, mining pools, and other ETC service providers significantly raise confirmation times on all deposits and incoming transactions. @okex @binance @HuobiGlobal @hitbtc @coinbase @digifinex @etherchain_org — Ethereum Classic (@eth_classic) August 6, 2020 Ethereum Classic attacked over four days

According to an investigation by on-chain firm Bitquery this week, Ethereum Classic’s second 51% attack on Thursday saw hackers reorganize over 4,236 blocks (worth $3.3 million) and successfully double-spend $1.68 million worth of ETC.

How attacker stole 807,260 ETC ($5.6 million) during the 31st July Ethereum Classic ($ETC) 51% attack Read our Full investigation 👇#ETC #Ethreumclassic #crypto #bitcoin $BTC $ETH #ethereum — ( Bloxy ) (@Bitquery_io) August 5, 2020

The attacker pocketed an additional 14,200 ETC via block rewards during the event. The hashpower required for the attack was obtained from Nicehash DaggerHashimoto — the same as the first attack — said Bitquery.

Thursday’s even...

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