Cryptocurrency News

Cryptocurrency news: Attackers steal $500,000 worth of Ethereum Classic

As per the latest news published in Ars technical, few of the attackers have managed to steal nearly $500,000 worth of Ethereum Classic (ETC) through a compute-intensive hack that redrafted its blockchain.

Coinbase security engineer Mark Nesbitt mentioned in a blog post, that over here the attackers were allowable to reorganize the Ethereum blockchain. The attackers were able to spend around 88,500 ETC since they were able to recuperate coins spent beforehand and move them to a new address. The coins were, therefore, successfully moved from the fair receivers to new units that the attackers chose.

Nesbitt wrote:

Nesbitt wroteNesbitt Added

Recently, Coinbase deferred the trading of ETC after noticing the attack in order to stop any dual spends from striking its customers. for their part, ETC officials have been firm that dual spends are upsetting the coinage.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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