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 


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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