Coinbase paused movements of funds on blockchain to protect traders

Author: Eamonn Sheridan | Category: Cryptocurrency

Via Reuters come headline developments on Ethereum and Coinbase:

  • Coinbase says deep chain reorganization detected on Ethereum Classic (etc)
  • Says on January 5 the company detected deep chain reorganization of the Ethereum Classic blockchain that included a double spend
  • Company is currently evaluating the safety of re-enabling sends and receives of Ethereum Classic
  • Coinbase says paused movements of the funds on the etc blockchain after detection of deep chain reorganization of the Ethereum Classic blockchain
  • Coinbase says subsequent to the event, co detected 8 additional reorganizations that included double spends, totaling 88,500 etc

Coinbase posted the info on its blog, picked up via Reuters. Also, for more, link to BitcoinExchange 


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The 88,500 etc is around 450,000USD

The 'reorganisation' referred to is a euphemism for rewriting the blockchain history, which is not a positive. Its a security risk. Hence to pause on fund movements abd longer confirmation times. 

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