Coinbase, which happens to be a major US crypto wallet provider and exchange service, has proceeded to reward a Dutch company with a $10,000 bounty. And this follows a recent instance when it discovered a contract glitch which made it possible for the various users to steal as much as they could.
The glitch was a historical one considering the fact that the users were in the position to credit themselves with unlimited ETH funds. Fundamentally, the smart contract plays a significant role when it comes to the manipulation of the account balances of the various Coinbase accounts.
A person well conversant with the most recent developments has moved ahead to disclose that Coinbase has perpetually faced technical difficulties and that has been ongoing for over a period of one year.
It was in mid-2017 that a massive influx of new users was witnessed and it is worth noting the technical capabilities of the US’ largest exchange and wallet provider have been stretched. The resulting scenario is that there have been system outages, delayed and missing funds and other issues.
Much has been made in terms of promises relating to the beefing up of performance. However, the way to react to a bug that could have resulted in the draining of billions of dollars in cryptocurrency was a bad thing and Coinbase is said to have delayed in terms of fixing the issue. It took more than a month to go and rescue the situation and a lot of people expected it would have gotten there will more speed.
A would have been expected, an analysis of the matter was conducted and the reports coming out pointed to the fact that it was regarded as an accidental loss for Coinbase. Claims that they were exploitation attempts were refuted and it is worth noting that almost similar loopholes previously affected a wide range of businesses that had been interacting with cryptocurrency.
It was way back in January when a glitch was reported pointing to the fact that Overstock.com had moved forward to allow a significant number of its users to pay as well as request for refunds from either Bitcoin Cash (BCH) or Bitcoin (BTC).