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ETF and Mutual Fund data provided by Morningstar, Inc. P Index data is the property of Chicago Mercantile Exchange Inc. Powered and implemented by Interactive Data Managed Solutions. Overstock customers to buy any item at a tiny fraction of the listed price. Potentially more punishing, the flaw let anyone paying with bitcoin reap many times the authorized bitcoin refund amount on any canceled Overstock orders. Coinbase to let customers pay for merchandise using bitcoin, making it among the first of the largest e-commerce vendors to accept the virtual currency.
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As a result of the change, Coinbase customers with balances of bitcoin at the time of the fork were given an equal amount of bitcoin cash stored by Coinbase. An early adopter of bitcoin, Snyder said he was using some of his virtual currency to purchase an item at Overstock when he noticed something alarming. During the checkout process for those paying by bitcoin, Overstock. But Snyder discovered that Overstock’s site just as happily accepted bitcoin cash as payment, even though bitcoin cash is currently worth only about 15 percent of the value of bitcoin.
The solar lights I purchased from Overstock. After indicating I wished to pay for the lamps in bitcoin, the site produced a payment invoice instructing me to send exactly 0. 00475574 bitcoins to a specific address. The payment invoice I received from Overstock.
00475574 in bitcoin cash instead of bitcoin. The site responded that the payment was complete. Within a few seconds I received an email from Overstock congratulating me on my purchase and stating that the items would be shipped shortly. But that wasn’t the worst part. I didn’t really want the solar lights, but also I had no interest in ripping off Overstock. To my surprise, the system refunded my purchase in bitcoin, not bitcoin cash! Consider the implications here: A dishonest customer could have used this bug to make ridiculous sums of bitcoin in a very short period of time.
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We were made aware of an issue affecting cryptocurrency transactions and refunds by an independent researcher. After working with the researcher to confirm the finding, that method of payment was disabled while we worked with our cryptocurrency integration partner, Coinbase, to ensure they resolved the issue. We have since confirmed that the issue described in the finding has been resolved, and the cryptocurrency payment option has been re-enabled. No other Coinbase customer had this problem.
Coinbase told me the bug only existed for approximately three weeks. While a patch was being developed and tested, orders were proactively disabled to protect customers. To our knowledge, a very small number of transactions were impacted by this issue. Bancsec’s Snyder and I both checked for the presence of this glitch at multiple other merchants that work directly with Coinbase in their checkout process, but we found no other examples of this flaw. The snafu comes as many businesses that have long accepted bitcoin are now distancing themselves from the currency thanks to the recent volatility in bitcoin prices and associated fees. Earlier this week, it emerged that Microsoft had ceased accepting payments in Bitcoin, citing volatility concerns. Interestingly, bitcoin is thought to have been behind a huge jump in Overstock’s stock price in 2017.
I made from this scheme, I offered to send it back to Overstock, but they told me to keep it. Instead, I donated it to archive. ET: A previous version of this story stated that neither Coinbase nor Overstock would say which of the two was responsible for this issue. The modified story above resolves that ambiguity. Tags: Bancsec, bitcoin cash, Coinbase, J. This entry was posted on Tuesday, January 9th, 2018 at 1:48 pm and is filed under Web Fraud 2. You can follow any comments to this entry through the RSS 2.
Both comments and pings are currently closed. Good article, and nice job supporting archive. Best story so far this year! Now we all know to check out new adopters of Bitcoin to see if the same thing can be replicated with them. This is at least two separate Krebs articles in the last couple of weeks on the topic of cryptocurrency now where your comment has been a clear standout as the most facepalm worthy.
The blockchain is here to stay, and will affect your life in ways you can’t even fathom, currently. Whether or not Bitcoin will be the dominant currency is anyone’s guess. As there are far superior technologies, which are directly completing against each other. I’ve heard that hundreds of times and so far it always falls flat.
Bitcoin Bloodbath-IOTA (MIOTA)..
Besides money laundering and crime what is the real advantage of a currency backed by nothing with widely varying fees? No major country in the world is going to stand by while billions of tainted dollars flow unseen, untaxed, and unregulated. Sure sounds like the current currencies being used around the world. Have you not considered that your current currency is digital?
You’re logging in to the bank’s database. Only the bank has a copy of that database. If they lose their copy, there goes the proof of your finances. You say that like it matters. To the average person not up to anything criminal it doesn’t. I would prefer in fact for the drug dealers and high dollar money launderers to get caught and prosecuted by the IRS and FBI. I can’t understand why USD is so widely accepted too!
I wonder how much longer Overstock will even be accepting Bitcoin. Like the others that you mentioned, most retailers cannot manage the volatility. Bitcoin is hardly a currency anymore. It’s really only a speculative commodity. Long-time supporters of Bitcoin, as I am, are saddened by this. It’s supposed to be a useful currency. I don’t see any future for more retailer adoption.
It’s obvious you don’t understand how retailers handle crypto payments. They don’t just hold on to Bitcoin and cash it in at the end of the month, it’s instant. BTC to keep on the balance sheet. You can’t use it when the power goes out.
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It would cease to have value if no one wanted to play with it, because it’s neither rare, unique, or intrinsically valuable. And that environmental cost is rising. You can’t use it as a practical way to buy real things in real stores in physical reality. Good luck trying that during the next post-natural disaster situation.
Is it truly any different than the current money system? I go months on end without touching a paper bill. Most people’s assets are direct deposited into a bank and they use their plastic to pay for everything. In that case, what happens when the power goes out? Can I go to an ATM? Read up on crypto cash pal.
It os designed to be scarce. You can bury the private keys printed on paper or etched on metal. You can transact with no power the same way you do with no cash during a blackout. You agree to even things up when the power comes back on. Unless you believe the power is going to go out forever it really isn’t an issue any more than your bank balance resting in a computer somewhere. Besides, Bitcoin isn’t replacing fiat or gold, its just another way to transact.
The US Dollar has value because every believes it has value. Read up on how Brazil launched their new currency and stopped the crazy inflation of the old Real. These situations, when not discovered in time can be really a big headache. The question is who in their right mind selling stuff on the internet doesn’t have the common sense to check and see if the currency they’re calculating is accurate?
If they accept anything other than 1 currency and they’re not paying attention to that, especially something as large as overstock, that’s a massive failure of management. Frankly I don’t see a connection between Bitcoin’s price volatility and the current rate of adoption. It’s really no more or less volatile or speculative as Amazon stock used to be, or still is, for many value investors. Brian, maybe Amazon is too volatile for you too?