CyberNews Briefs

Coinbase suspends Ethereum Classic (ETC) trading after double-spend attacks

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.

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