If you didn't take advantage of a system glitch on the Coinbase platform, then you missed out on the opportunity to become a cryptocurrency multi-billionaire. Due to a glitch in the settings of smart contracts for Ethereum, users could transfer themselves ether coins in unlimited quantities.
The glitch was discovered by the Dutch company VI Company, which reported the problem to Coinbase and received a $10,000 reward for it.
“By using a smart contract to distribute ETH to different wallets, it was possible to manipulate the balance of your Coinbase account,” says a report provided to the Coinbase exchange by HackerOne, which researches system vulnerabilities.
“If it fails transaction of one of the wallets in the smart contract, then all transactions before that are canceled,” explained VI Company. “But on the Coinbase platform these transactions were not canceled, and the user could add as much Ethereum as he wanted.”
VI Company has explained in detail exactly how such a glitch can be exploited:
• Set up a smart contract with several valid Coinbase wallets and one recent faulty wallet.
• Transfer the appropriate funds to the smart contract.
• Execute the smart contract by adding the specified amount of ethereum to the Coinbase wallets and do not leave the smart contract wallet because completion of the transaction will fail on the last wallet.
• Repeat until the Coinbase wallet has as much ethereum as you need.
But whether it will be possible to cash out such unlimited amounts of ethereum is still unknown. Coinbase has maintained a significant silence on this matter.
According to https://thenextweb.com
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