Coinbase Sides With Bitcoin Cash (BCH) Miners on 51% Attack Smack
Crypto giant Coinbase has released an early report of an ongoing investigation into the controversial Bitcoin Cash network attack. | Source: Shutterstock
When Bitcoin Cash came under attack during a scheduled hardfork in mid-May, a group of miners colluded to reverse the attacked blocks and return misappropriated funds to their rightful owners.
The Bitcoin Cash camp came under heavy fire for this move by BTC supporters. But Friday’s blog post by Coinbase suggests the global cryptocurrency platform ultimately saw good sense in the decision.
Bitcoin Cash 51% Attack: Why It Matters
The Bitcoin Cash upgrade was halted temporarily in early May when an attacker exploited a bug in the blockchain, a refresher can be found here. The attack lasted for a short while before a majority of BCH miners decided something fishy was afoot and took steps to address it.
Bitcoin Cash Vigilante ‘Liquidates’ Upgraded Blockchain Attacker’s Funds https://t.co/vra6vCQ7HK
— CCN.com (@CCNMarkets) May 17, 2019
This is where the controversy arose. Critics refuse to see the difference between an attacker reorganizing the blockchain, and miners doing the same.
For context, when Binance was hacked in early May, CZ suggested ‘rolling back’ the blockchain to retrieve the lost funds.
A backlash from Bitcoin miners at the time signaled to him that this was a bad idea, and the notion was dropped.
Binance Graciously Decides Not to Nuke the Bitcoin Blockchain https://t.co/YbRjYwmEcC
— CCN.com (@CCNMarkets) May 8,