According to the report, published on 21 March, a major American provider of crypto-wallet and exchange service Coinbase has awarded a Dutch company a reward of 10,000 dollars after she was found crashing a smart contract that allows users to steal any amount of ether (ETH).
The problem that VI Company Coinbase announced on 27 December, was associated with the use of smart contract, including defective wallet.
Technically, users can create an unlimited number of ETH.
“Using a smart contract for the distribution of ETH by a set of wallets you can manipulate the balance of the account on Coinbase. If one of the transactions in the smart contract does not pass, then all transactions that come before it are repealed. Coinbase, however these transactions are not canceled, this means that people can add to your account Ethereum as much as you want”, — the report says.
This incident is not the only with which Coinbase has faced over the last year. From the moment the massive influx of new users in mid-2017, the technical capabilities of the largest U.S. service provider exchange and the wallet was on the limit, which led to delays and theft of funds, system failures and other problems.
Despite promises to improve performance, the reaction to the bug, which technically could result in the loss of billions of dollars in cryptocurrency very eloquent; Coinbase fixed the problem only on 26 January — a month after I got the message about it.
“The analysis showed only random losses Coinbase, no attempts at exploitation of the bug has not been undertaken”, — stated in the review Coinbase .