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Coinbase Bug Allowed To Charge Ethereum At No Cost

coinbase bug

There was a bug in the Coinbase cryptocurrency exchange smart contracts which allowed users to manipulate the their balance by including an unlimited amount of Ethereum tokens. This is reported by the news portal TNW with reference to Dutch fintech company VI Company research.

As analysts of the company explaine, users can manipulate the account balance using a smart contract to transfer Ethereum to several wallets.

If one wallets transaction in the smart contract fails all transactions before that will be reversed,” VI Company explained. “But on Coinbase these transactions will not be reversed, meaning a person could add as much Ethereum to their balance as they want.” explained VI Company.

As it became known, the information was shared with Coinbase in December 2017. The exchange was able to eliminate the bug in January and paid a reward for its detection in the amount of $ 10 000.

Recall that the other day the developers of Coinbase corrected a vulnerability in the payment gateway system, because of which users lost their funds in bitcoins. And in February it became known that of the nearly one million smart contracts Ethereum in 34200 found critical vulnerabilities.