#ETC – Ethereum Classic gets brute force attack

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CMC reports in their daily newsletter:

Crypto exchange Coinbase has suspended all Ethereum Classic (ETC) transactions due to a series of blockchain history reorganizations on the network. Ethereum classic saw more than 100 blocks “reorganized” during a potential 51% attack late Sunday.

SlowMist – a China-based security firm – first alerted users of the peculiar activity occurring on the network, stating that its team was trying to trace the cause of the attack. Blockscout project lead Andrew Cravenho affirmed that although the last recorded reorg attack was seen recently, the reorg may have begun before being noted on Blockscout. 🙈

In response to the deep reorg, crypto exchange Kraken announced in an incident report that it was increasing the number of confirmations required to make an ETC deposit. Bitfly exchange likewise took this action. Poloniex exchange then announced it was disabling ETC wallets, and it does not currently have a firm timeline on when they will be re-enabled.

Preliminary assessment 🧐
Japan’s Financial Services Agency (FSA) may be open to approving crypto exchange-traded funds (ETFs). Bloomberg reports that the FSA is currently ascertaining institutional interest in ETFs that track cryptocurrencies and could lead to them giving the green light. 😊

The report added that Japan’s ruling Liberal Democratic Party will submit a draft legislation by March 2019 which may include amendments to existing financial rules and more self-regulatory financial oversight. It could lead to the classification of ICO tokens as securities,and come become law by 2020. 🤞

However, Bloomberg added that the FSA has now dropped plans to include approval for trading crypto derivatives (e.g. futures) on financial exchanges due to concerns the products would mainly lead to speculation.

Trudging through 😧
Cryptocurrency exchange Kraken has said that US Subpoenas is fast becoming a “barrier to entry” its US exchange business. On Saturday, the exchange tweeted an infographic from its “2018 Transparency Report,” indicating that the firm had received a total of 475 subpoenas in 2018 compared to 160 in 2017, with the majority (315) coming from U.S. agencies.

Many of the inquiries required transactions which could be petabytes of data, and were taxing on the firm’s resources as they often require a significant amount of steps back and forth. 💸

Blockchain term of the day 🤓 – 51% attack

If more than half the computer power or mining hash rate on a network is run by a single person or a single group of people, then a 51% attack is in operation. This means that this entity has full control of the network and can negatively affect a cryptocurrency by taking over mining operations, stopping or changing transactions, and double-spending (reusing) coins.

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