Coinbase delays Ethereum Classic transactions after two 51% attacks

Coinbase will delay all Ethereum Classic 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.

Given the recent network attacks on Ethereum Classic, we have increased the confirmation time for ETC sent to Coinbase & Coinbase Pro to ~2 weeks.

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.

Ethereum 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 and successfully double-spend $1.68 million worth of ETC.How attacker stole 807,260 ETC during the 31st July Ethereum Classic 51% attack.

Bitquery stated the attack took between July 31 and August 1, but remained detected for "Several days as a result of intricate planning and knowledge of the Ethereum Classic protocol."

Ethereum Classic Labs, the core development organization behind Ethereum Classic, said Friday it engaged law firm Kobre & Kim to investigate and pursue strict criminal charges against the attackers behind the 51% attacks, according to a press release.

It said over eleven malicious transactions originated from a single address inserted into the Ethereum Classic blockchain over the attack, allowing more than 807,000 ETC to be double-spent.

While core developers, stakeholders, and contributors continue to monitor the network and investigate recent attacks we ask: Exchanges significantly increase confirmation times.