Japanese exchanges stop accepting Ethereum Classic amid a spate of 51% attacks

Cryptocurrency exchanges bitFlyer and Coincheck announced a pause in support for Ethereum Classic (ETC). The reason: recent 51% attacks.

BitFlyer emphasised that it is acting in users’ best interests. The platform will suspend ETC deposits for the time being, but did not specify when the restrictions would be lifted.

From the standpoint of protecting customers, ETC, which has experienced repeated reorganisations triggered by what is called a 51% attack, will be temporarily suspended from deposits starting at 5:00 PM on Tuesday, September 15.

— bitFlyer status (@bitFlyer_status) September 14, 2020

The Coincheck exchange is also halting ETC trading amid the risk of another 51% attack.

“We have decided to halt ETC support, as we cannot do so safely,” the company said in a press release.

In August, Ethereum Classic confirmed the split of the blockchain into two chains at block #10 904 146. The depth of the reorganisation was 3,693 blocks, and the damage was estimated at 807 260 ETC.

Five days later there was a second 51% attack, followed by a third. After this, developers prepared a list of measures to safeguard the network.

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