ETC removed from Coinbase after 51% attacks

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Coinbase, one of the largest trading platforms in the world, has removed the Ethereum Clbadic (ETC) from its list after detecting a series of double-spend attacks.

By Matheus Henrique
Published on January 07, 2019

during the last three days. The ETC attack took place a month after a 51% attack on Vertcoin.

51% attacks and double-spending attacks are basically the same thing. They occur when they get the most computing power in a blockchain, then they use their majority to validate unauthorized transactions.

According to a security alert posted on the official blog of Coinbase, written by security engineer Mark Nesbitt, this is exactly the kind of fraud that has been happening with the Ethereum Clbadic for three days. Security claims that the malicious group has already committed more than 11 double-spend attacks in which it has moved digital badets from legitimate accounts to the cutters' accounts.

Coinbase stated that they immediately placed the chain of ETC chains under surveillance shortly after the first attack, even if no value had been stolen. The platform also announced that it had removed the ETC from its list shortly after the third attack, during which the first illegal transaction had been observed.

After her, 8 other attacks were made. In total, the attackers managed to steal about 88,500 FTEs during the three days.

Still according to the warning, the attacks continue. The company also said that the platform was not targeted by the attackers, but it did not reveal whether these people had tried to transfer money from other sites negotiation.

The ETC was established in August 2016 and was one of the iconic encryption coins, result of the famous DAO Hack. ETC was one of the first ETH forks.

These attacks are becoming more and more popular in different currencies. As we have already mentioned, Vertcoin has had problems recently. If we enter Crypto51, a site that calculates how much it would cost a possible 51% attack on a network, it's possible to see that the ETC could suffer this blow, the villain only spending $ 547.36 per attack time.

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