Coinbase announces it re-enabled sends and receives of Ethereum Classic (ETC) after the 51% attack experienced at the beginning of 2019. In January, the Ethereum Classic network experienced a deep chain reorganization that was detected by several companies, including Coinbase. Due to this situation, transfers to and from Coinbase have been suspended and no re-enabled.
Coinbase Re-Enables Ethereum Classic Deposits And Withdrawals
In a recent tweet released by Coinbase Support, they informed that they have re-enabled sends and receives of Ethereum Classic. As per the crypto platform, the transactions may require around 24 hours, or even more, to be processed by the network since there is a large number of confirmations required. This increases the security of the network avoiding any further problem in case there is a 51% attack.
Transactions of Ethereum Classic have been suspended for over two months, which is not positive for users in the platform.
Coinbase is one of the most popular and largest crypto exchanges and wallet in the space. The firm offers different services and supports different cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH), among others.
The firm has been criticized for adding a large number of new ERC-20 tokens before adding support to XRP, the third largest cryptocurrency in the market. Nonetheless, after being criticized by the whole space, Coinbase decided to list XRP.
As Mark Nesbitt informed back on January 7, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. Since that moment, transactions have been paused on the ETC blockchain to and from the exchange.
As per Coinbase, they identified a total of $15 reorganizations, 12 of which contained double spends. Ethereum Classic is currently the 18th largest digital asset in the space. It has a market capitalization of $469 million and each coin can be purchased for $4.31.
A 51% attack refers to miners that control more than 50% of the network’s mining hash rate. In this way, they can perform double spending attacks which can result in users losing their coins.