Coinbase AMA: ‘ETC Was Replay Attacked on Coinbase’

In the wake of the DAO hack, which had dire implications for the Ethereum blockchain, multiple exchanges acknowledged the existence of new alternative tokens, Ether Classic, based on the original Ethereum code. Exchanges accepted the new ‘ETC.’ Ultimately, Coinbase worked towards the same. That decision turned out to be costly, as the exchange found itself in the middle of the war between Ethereum and its ‘Classic’ rival.
Also read: Silk Road Auction Could Help Bitcoin Price Bounce Back
Coinbase Got Replayed The company did suffer from a costly attack itself as fallout of the Ethereum attack. Coinbase CEO tweeted:
.@petertoddbtc well written! To clear up confusion, 17.5k ETC was replay attacked on Coinbase (~$40k USD) — Brian Armstrong (@brian_armstrong) August 6, 2016

The biggest news over the past two months in Ethereum, until the $120 million Bitfinex hack, has been the $56 hack of Ethereum incubator, the DAO, and the subsequent mobilization for a hard fork. As the Coinbase example details, the DAO hack had implications for the Bitcoin industry. The hard fork resulted in a split of the original Ethereum chain, and some blockchain participants relaunched the original chain, including the DAO hack.

This post was published at Bitcoinist on 2016/08/11.

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