Coinbase Says Ethereum Classic Attack Included $500,000 in Double Spends

Contradicting reports from the Ethereum Classic camp, cryptocurrency exchange giant Coinbase announced this afternoon that the apparent ETC blockchain reorganization attack had been accompanied by around half a million dollars in double spends.

Coinbase Detects Double Spends on Ethereum Classic Network
According to Coinbase, the firm first identified the deep chain reorganization on Jan. 5, at which point it halted on-chain ETC payments to protect customers — and the crypto exchange itself — from falling prey to a double spend attack.

Notably, this was not a one-time event. Indeed, the attacks are apparently ongoing, but as of the time of writing at 3:15 pm ET, Coinbase said that it had identified at least nine reorganizations containing double spends. Altogether, these double spends amounted to 88,500 ETC or about $460,000 at current prices.


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