Categories: Crypto

Coinbase Introduces a Two-week Ethereum Classic Deposit Delay

There have been several security incidents involving Ethereum Classic last week. Not one but two 51% attacks were executed against the network. Due to these issues, exchanges and other trading platforms have to take adequate measures.

Coinbase Takes it Seriously

Given the number of exchanges providing trading support for ETC, there will be some serious consequences due to these two successful network attacks. A delay in deposits and withdrawals is the likely outcome. Raising the number of confirmations is crucial to ensure no double-spend attack can take place. As such attacks took place in the past two weeks, it is pertinent to protect from danger. 

Coinbase, one of the biggest exchanges in the world. is taking ample precautions. Not only are they raising deposit and withdrawal times, but in quite spectacular fashion too. It will now take 2 weeks for ETC deposits to confirm on Coinbase and Coinbase Pro. Whether this applies to withdrawals as well, has not been confirmed. 

For the time being, ETC deposits require 80,640 confirmations. This is not an arbitrary number either. A double-spend attack can occur days after an initial transaction is broadcasted. The two-week window is generally considered “safe”. This decision will undoubtedly upset some Coinbase users, however.

It doesn’t happen often that an exchange imposes such lengthy delays. Looking over the Coinbase page, most coins require far fewer confirmations. One interesting exception is Bitcoin SV. Users moving that altcoin to the exchange need to wait for 1,008 network confirmations. A major difference compared to Bitcoin’s 3 confirmations.

Ethereum Classic Price Keeps Tanking

These two successful network attacks have not been beneficial to the Ethereum Classic price. A net 7.5% decline has been recorded in the past week. Additionally, the overall sentiment toward this altcoin is turning rather negative. Not entirely surprising, as a 51% attack is nothing to be happy about.

Turning this ship around will pose a challenge for Ethereum Classic. The asset is still a part of the Grayscale Trusts, but one has to wonder if that will remain the case. One positive aspect is how ETC still generates a decent trading volume. Without it, this currency would be well outside the crypto top 30 by now. 

 


CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: contact@cryptomode.com None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

Share
Published by
JP Buntinx

Recent Posts

What Is Coin Market Capitalization And Does It Even Matter?

Coin market capitalization is a metric used to determine the value of a cryptocurrency. The…

7 hours ago

Moshnake, Cardano, and Synthetix: Viable Cryptocurrencies to Own

Cryptocurrencies like Moshnake (MSH), Cardano (ADA), and Synthetix (SNX) allow users to own digital assets…

7 hours ago

Crypto Investment Guide: Bitcoin, Moshnake, And Litecoin

Cryptocurrencies are a great alternative to fiat currency. These are digital peer-to-peer currencies that are…

7 hours ago

Big Eyes, Binance Coin, and Shiba Inu are three Cryptocurrencies that are quickly rising to prominence in the industry.

The rise in popularity of cryptocurrencies, which are also known as the most recent breakthrough…

7 hours ago

Examining Big Eyes Coin’s Huge 250k Giveaway And Why It Is An Ideal Investment Option Alongside Dogecoin And Shiba Inu In The Bear Market

The upcoming meme coin, Big Eyes Coin (BIG), is one of the most anticipated cryptocurrencies…

7 hours ago

What Is A 501(c)(4) And Does It Benefit Crypto Organizations?

A 501(c)(4) is a tax-exempt organization under the Internal Revenue Code (IRC). Section 501(c)(4) of…

11 hours ago