Coinbase, a popular cryptocurrency trading platform, has suspended trading of the Ethereum Classic (ETC) currency after it discovered that criminals have been carrying out double-spend attacks on the ETC blockchain for the past few days, starting on January 5.
Double-spend attacks require malicious actors to obtain at least 51% of the computational power used for mining cryptocurrency inside a blockchain. Once this is achieved, threat actors can tamper with the blockchain by enforcing unauthorized transactions over legitimate ones. A Coinbase security alert provides insight on the detected attacks, in which 219,500 ETC (worth about $1.1 million) has so far been stolen by attackers.
OODA network members can also access these additional resources on Web3 including insights into how to reduce risk and inform business strategies. Research and reporting of interest includes:
The Cryptocurrency Incident Database OODA analysts track every major cybersecurity incident and seek insights into root causes that can inform defenses.
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