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Title: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: qwizzie on July 31, 2016, 03:17:09 AM https://bitflikz.com/blogs/news/critical-security-update-from-bitflikz-gdax-coinbase-may-be-insolvent
Quote We have come to learn that users may be at risk from the exhanges Coinbase and GDAX. This is breaking right now and we have some pending reports of how deep this may actually reach. In actual fact, GDAX and Coinbase are related. They are owned by the same company. It has become apparent that GDAX have suffered major replay attacks in the early trading of the new hardfork (ETHF) clone. They did not properly secure themselves from the attack after advice presented by the Ethereum foundation was taken. During this period it is unknown what actual amount of ETC was relayed but we have estimated it is much bigger than initially anticipated. This occurred over a number of days as GDAX where assured by the Ethereum foundation there would be no interest in the original and unbreakable genesis chain. They where even aware of the attack vector but left it unpatched. It is specualted this may have been an attempt to kill off their competing chain. credits to TanteStefana2, who mentioned it in the Dash ANN thread. Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: dinofelis on July 31, 2016, 04:56:01 AM https://bitflikz.com/blogs/news/critical-security-update-from-bitflikz-gdax-coinbase-may-be-insolvent Quote We have come to learn that users may be at risk from the exhanges Coinbase and GDAX. This is breaking right now and we have some pending reports of how deep this may actually reach. In actual fact, GDAX and Coinbase are related. They are owned by the same company. It has become apparent that GDAX have suffered major replay attacks in the early trading of the new hardfork (ETHF) clone. They did not properly secure themselves from the attack after advice presented by the Ethereum foundation was taken. During this period it is unknown what actual amount of ETC was relayed but we have estimated it is much bigger than initially anticipated. This occurred over a number of days as GDAX where assured by the Ethereum foundation there would be no interest in the original and unbreakable genesis chain. They where even aware of the attack vector but left it unpatched. It is specualted this may have been an attempt to kill off their competing chain. credits to TanteStefana2, who mentioned it in the Dash ANN thread. Mwhahahaha ! These coinbase guys don't know the fundamentals of block chains ! The "replay attack"is NOT AN ATTACK but a feature of forked chains, goddammit ! Calling it an attack is maybe a way to point to a nebulous inexistent "hacker" to turn away the idea that you might have fucked up in a very elementary way ! (or that you are a smart ass pretending, and stealing the ETC, but that's easily verifiable on the block chains: are the first moves identical on both chains (normal behavior = "replay attack") or have there been different transactions on both chains (big scam) ? In any case, if these guys don't know that a transaction on chain 1 is ALSO a transaction on chain 2 if you don't make it explicitly invalid, then they are so incompetent they shouldn't run anything that has to do with crypto. Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: Ned Kelly on July 31, 2016, 04:59:55 AM It's interesting. Could they sue Etherium foundation? Seems as they know about this replay attack beforehead https://www.reddit.com/r/ethereum/comments/4vezgd/vlad_zamfir_petertoddbtc_we_knew_it_would_happen/ (https://www.reddit.com/r/ethereum/comments/4vezgd/vlad_zamfir_petertoddbtc_we_knew_it_would_happen/).
Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: dinofelis on July 31, 2016, 05:12:58 AM It's interesting. Could they sue Etherium foundation? Seems as they know about this replay attack beforehead https://www.reddit.com/r/ethereum/comments/4vezgd/vlad_zamfir_petertoddbtc_we_knew_it_would_happen/ (https://www.reddit.com/r/ethereum/comments/4vezgd/vlad_zamfir_petertoddbtc_we_knew_it_would_happen/). Eh, everybody who knows how block chains work, know about the phenomenon of "replay attacks", that is, valid signatures on the common part of the chain are valid on the two prongs.... OF COURSE. Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: BitcoinNational on July 31, 2016, 06:23:44 AM got GOXd
got GDAX hacker "theowner" strikes again? Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: Denker on July 31, 2016, 07:19:42 AM If that should be true Coinbase is dumber as I thought.
But the article is missing any real proof. However we know those replay attacks had happened at Coinbase. So what options do they have? Buying back the lost ETC seems to be the most obvious option I guess. The whole situation is so damn funny.First Coinbase is pushing for a contentious BTC hardfork with Mr. Armstrong posting one shitty blogpost after another and making himself the biggest clown in cryptoland!! Then embracing Eth as the new star on the horizon which will make Bitcoin look old and outdated.And now this boomerang is coming back with pretty sharp edges and seems to hurt that company quite hard, meaning messed up Eth hardfork and replay attack increasing the already existent pressure. Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: starmman on July 31, 2016, 07:38:10 AM Sounds like they screwed up big. Luckily I don't keep my ETH in exchanges... eth online wallet (http://ethereum-wallet.net) That doesn't sound good, I'm glad I pulled out of using coinbase a while ago (because I wanted to exchange more alts). If they are insolvent its not good news for the crypto community as coinbase (at least to me) were more respected than the likes of Cryptsy and other exchanges which have gone under. Fingers crossed all is okay.Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: Spoetnik on July 31, 2016, 04:05:12 PM What's "Coinbase" ? ..i have never been there in my life once.
That boomerang hurts huh ICO douche-bags. Screw them they are a clowny shit show of ineptitudeness ! ..go sign up at RAWX (https://bitcointalk.org/index.php?topic=1465315.msg14788391#msg14788391) before you get GDAX'd ! Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: iCEBREAKER on February 16, 2018, 07:46:43 AM This FUD thread hasn't aged well. Coinbase is now bigger and more profitable than ever.
Never forget how paid Dash shills spread baseless FUD against Coinbase simply because that exchange refused to support Dash due to its high standards (NO INSTAMINED/CENTRALIZED HYIP SHITCOINS) for new coin listings. Title: Re: And the ETC/ETH plot thickens .. Coinbase possibly insolvent ? Post by: alyssa85 on February 16, 2018, 02:19:56 PM This FUD thread hasn't aged well. Coinbase is now bigger and more profitable than ever. Never forget how paid Dash shills spread baseless FUD against Coinbase simply because that exchange refused to support Dash due to its high standards (NO INSTAMINED/CENTRALIZED HYIP SHITCOINS) for new coin listings. Ha, ha. I was reading the thread puzzled, and it was your comment that made me realise it was a thread from 2016. In any case, Coinbase has insured it's hot wallets, so even if they were attacked, it wouldn't bring them down. |