Coinbase Reports Double Spend Attacks on Ethereum Classic Blockchain Worth $1 Million

Coinbase Reports Double Spend Attacks on Ethereum Classic Blockchain Worth $1 Million

Coinbase, a cryptocurrency exchange, has reported about the detection of a series of reorganizations of the Ethereum Classic (ETC) blockchain and several double spends on the network.

Per reports, the double spends were worth 219,500 ETC (~$1.1M). In response, the exchange immediately suspended its interactions with the ETC blockchain to protect customers’ funds.

According to Coinbase, their systems tracked a glitch in the ETC network that alerted the team about a double spend. Within a few hours, the report was confirmed and transactions with the ETC network were halted. As a result, Coinbase users were not able to use the platform for sending or receiving ETC.

However, the company has confirmed that there were no loss of funds. In addition, the Coinbase team is re-evaluating the security issues related transactions on Ethereum Classic and will update the status as it comes forward.