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If there's one thing cryptocurrency is supposed to guarantee, it's that no one can spend the same coin twice. Every transaction ever made with Bitcoin, for example, is recorded in a database that anyone can access. The database is called a blockchain, and it's supposed to keep everyone honest.
But there's a way to get around that rule. On Monday, cryptocurrency trading hub Coinbase said it would no longer facilitate trades in Ethereum Classic because the exchange had determined the cryptocurrency had fallen victim to an attack that let someone spend the same coins twice.
Attack - Problem - Blockchain - Experts - Beginning
The attack highlights a problem that blockchain experts have known about since the beginning of cryptocurrencies. Virtual coins are only secure as long as people remain honest while maintaining the blockchains that record cryptocurrencies. It's also a big blow for Ethereum Classic, which can no longer be traded on Coinbase, a major exchange for all kinds of cryptocurrencies.
According to Coinbase security engineer Mark Nesbitt's blog...
(Excerpt) Read more at: CNET
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