On January 5, 2019, Ethereum Classic (ETC) fell victim to a 51% attack. At first, the attack went unnoticed for over 24 hours until Coinbase’s engineers noticed that 88,500 ETC (roughly $450,000) were falsely deposited on the OkEX crypto exchange.
On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Read more here: https://t.co/vCx89dz44m
— Coinbase (@coinbase) January 7, 2019
As this news finally came to light, crypto enthusiasts everywhere took to Twitter and shared their opinions.
Litecoin creator Charlie Lee stated that Ethereum Classic is not dominant in its respective consensus mechanism (Ethash for Ethereum Classic), which led to the attack. To prove his point, he said that for NiceHash, which is a mining marketplace, to attack ETC for 1 hour would cost only $5,000.
Be careful w/ coins that…