Today, leading cryptocurrency exchange Coinbase announced that it had halted all ethereum classic transactions, withdrawals, and deposits on the exchange due to a series of blockchain history reorganizations on the network — one that resembled a 51% attack. Adding to an ongoing discussion of limited security in the crypto space, the hack means that the ETC network and its corresponding exchanges became susceptible to double spends.
Sky Guo, CEO of Cypherium, comments on Ethereum Classic transactions halt:
“Security remains a top concern in the crypto community. In 2018, the community was rattled by several 51% attacks against major projects, which left consumers questioning whether the industry has the necessary safeguards in place to protect the interests of the community. For the industry to flourish, projects need to earn the full trust of their customers. Cypherium is committed to ensuring that our users’ funds are protected with the highest level of security practices and infrastructure. In support of that aim, the Cypherium blockchain requires 66% confirmation on its PBFT validation chain, which negates the possibility of 51% attacks without sacrificing speed or decentralization.”