This is escalating: Coinbase has announced its stopped Ethereum Classic transactions

Ethereum Classic and Coinbase are at loggerheads…

Earlier today, we took at look at the claims of double spending and a 51% that had been made towards Ethereum Classic by the Coinbase cryptocurrency exchange. You can find that, and the associated detail, right here.

The Ethereum Classic team had responded quickly to Coinbase’s allegations, arguing that its version of events isn’t correct. Whilst the Ethereum Classic team hasn’t denied problems, it has painted a different picture as to their cause.

Interestingly, though, Coinbase continues to ramp up its allegations, rather than back down. And now it’s suspended trading of Ethereum Classic altogether as a result. It’s posted a full explanation as to its actions on its blog over at Medium, and regular updates are being posted to it. The crux, though, is that Coinbase argues it’s detecting double spends taking place on the Ethereum Classic blockchain.

In terms of its next steps, Coinbase wrote that “The Coinbase team is currently evaluating the safety of re-enabling sends and receives of Ethereum Classic and will communicate to our customers what to expect regarding support for ETC. Coinbase takes security very seriously”.

Ethereum Classic’s last post on the matter to its Twitter feed at the time of writing reads thus…

To be clear we are making no attempt to hide or downplay recent events.

Facts are facts and as the situation develops we’ll soon get a full picture of what actually took place.
Linzhi is testing ASICS. Coinbase reported double spends; both may be true.

In time we will see. https://t.co/bbq6eqIoiS

— Ethereum Classic (@eth_classic) January 7, 2019

Given that the story continues to develop, we’ll keep you posted as we hear more…