Coinbase Suspends Ethereum Classic (ETC) Trading After Double-Spend Attacks (zdnet.com)

Cryptocurrency trading portal Coinbase delisted the Ethereum Classic (ETC) currency Monday after detecting a series of double-spend attacks over the last three days. From a report: In layman terms, double-spend attacks are when a malicious actor gains the majority computational power inside a blockchain, which they then use to enforce unauthorized transactions over legitimate ones. According to a security alert published today by Coinbase security engineer Mark Nesbitt, this is exactly what's been happening on the Ethereum Classic blockchain for the past three days, since January 5. Nesbitt says that a malicious actor has carried out 11 (at the time of writing) double-spend attacks during which he moved funds from legitimate accounts to their own. [...] According to Crypto51, it only costs $5,029 to rent enough computing powerto overwhelm the ETC blockchain with your own miners and gain 51 percent hashing power to carry out a double-spend attack.

Comments

Re:This is why we can't have nice things.

[Sarten-X]

Because it's distributed, so a bad guy would have to have huge computing resources to overwhelm the good guys! That'll be so expensive it won't be worth the cost.

Oh, wait...