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 a 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 (or computation energy) going into a single mining pool, potentially causing mass reorganizations (reorgs) of mined blocks. Though initially refuted by the core proponents behind ethereum classic on Twitter, the official account has now affirmed potential cause for concern, tweeting out:
"We are now working with Slow Mist and many others in the crypto community. We recommend exchanges and pool significantly increase confirmation times."SlowMist, a China-based security firm, first alerted users of the strange activity occurring on the network Monday morning, stating that its team was trying to trace the cause of the attack. SlowMist did not immediately respond to a request for comment.