The US-based cryptocurrency exchange has announced that so far it would not support Ethereum Classic after the last week’s split of the Ethereum network. Users notice a double spend glitch on the platform.
“Coinbase has exclusively supported transactions and trading in ETH - not ETC. All Coinbase customers’ ETH is 100% secured in hot and cold storage, per our usual secure storage procedures. Coinbase customers may continue to buy, sell, send, and store ETH on Coinbase,” the company’s statement says.
“Please do not attempt to send ETC to your Coinbase account,” the company adds, stressing that it “will continue to monitor the situation and evaluate customer demand.”
Global Digital Asset Exchange (GDAX), a trading platform operated by Coinbase, has also made a statement clarifying its stance on the recent Ethereum hard fork.
Update for @GDAX customers about the #Ethereum hard fork pic.twitter.com/Mh7tsBM4YX
— GDAX (@GDAX) July 27, 2016
Because it has taken a long time for the cryptocurrency exchanges to adopt to the post-fork situation, Coinbase users noticed a system error that hypothetically could allow to double the amount of cryptocurrency on one’s account.
Andrew DeSantis, a US developer, has found out that when a user transfers a sum of ether coins from an exchange platform that does not support both versions of tokens (Coinbase) to the platform that does (Poloniex), the amount is seemingly transferred twice, in both currencies – ETC and ETH.
1/ Earlier today I theorized a mechanism for doubling one's $XBT balance in light of the #Ethereum fork. Here's how: pic.twitter.com/zW88ZheyyL
— Andrew T. DeSantis (@desantis) July 27, 2016
The community reacted promptly. Some traders reported that they managed to carry out transactions using the DeSantis' scheme. However, soon both the author and his followers found out that the operations were not confirmed in the Ethereum blockchain, therefore, the developers have managed to close the loophole.
“Wow major fail by Coinbase,” the Reddit user Willidungl wrote.
“Poloniex doesn't credit both ETH and ETC accounts for Ether deposits. They did that only for a very short time,” wrote user dpinna.
“This won't work and never would have, buying Ether post hard fork and transferring it to Poloniex they are not going to credit your account with ETC,” said user loeras.
Alex Lee
