The Coinbase exchange has increased the confirmation time for Ethereum Classic (ETC) deposits to two weeks. The move follows the recent series of 51% attacks on the network of this cryptocurrency.
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Given the recent network attacks on Ethereum Classic, we have increased the confirmation time for ETC sent to Coinbase & Coinbase Pro to ~2 weeks. We are actively monitoring the situation and will provide updates as they become available.
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— Coinbase Support (@CoinbaseSupport) August 8, 2020
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“Taking into account the recent attacks on the Ethereum Classic network, we have increased the confirmation time for ETC deposits on Coinbase and Coinbase Pro to two weeks. We are actively monitoring the situation and will provide further details as they become available,” the company said.
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Last week the ETC network suffered two 51% attacks. The damage from the first is estimated by analysts at $5.6 million, the second — at $1.68 million.
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The exchange’s measures drew criticism from the community. Twitter users question why Coinbase has not delisted the coin but instead imposed restrictions.
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Just delist it. Give people time to sell and delist it. Stop supporting scam projects.
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— PP (@longtermdaily) August 8, 2020
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“Just remove it from the listing. Give people time to sell and remove it. Stop supporting scam projects,” wrote a user under the alias PP.
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User ColumbusCrypto asked whether the exchange, which profited from ETC trades, plans to compensate its customers for the losses.
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How do you plan on compensating your customers since you were selling and profiting off this dumpster fire?
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— ColumbusCrypto⚡🔴 (@ColumbusCrypto) August 8, 2020
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“How do you plan on compensating your customers since you were selling and profiting off this dumpster fire?” — wrote ColumbusCrypto
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Currently Ethereum Classic sits at 28th place in the cryptocurrency rankings by market cap, at over $800 million. Daily trading volumes approached $700 million. According to Coingecko, ETC’s market value at the time of writing was $6.94. Before the first attack a week ago, the coin traded around $8.25.
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Earlier, another 51% attack on the ETC network occurred in July last year. The damage was estimated at $460,000. The hacker later returned part of the stolen funds to Gate.io.
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