Fundstat will launch 5 cryptocoin indexes

 Fundstrat Global Advisors developed 5 indexes to monitor the dynamics of different cryptocurrencies
07 October 2017   1336

Thomas Lee, Fundstat Co-Founder shared information in his interview to CNBC about five indexes, that Fundstat will use to monitor different cryptocoins.

So, according to Lee, the indexes created by him are called FS Crypto FX and were created to better understand the "evolution and behavior of the cryptocurrencies" by institutional investors.

Indexes track a total of 630 different crypto-currencies, which are classified by market capitalization and trading volume into five groups:

  • FS Crypto 10 — tracks the 10 largest and most liquid digital currencies including bitcoin, ethereum, ripple, litecoin, dash, IOTA and monero.
  • FS Crypto 40 — tracks the top 11 to 50 digital currencies by market value and liquidity including NEM, bitconnect and Lisk.
  • FS Crypto 250 — tracks the top 51 to 300 cryptocurrencies by market value and liquidity including BitcoinDark, Singular DTV and FirstCoin.
  • FS Crypto 300 — tracks the 300 largest digital currencies by market value and liquidity.
  • FS Crypto Aggregate — tracks the performance of 630 digital currencies.

According to Lee, these indexes will allow investors to analyze the dynamics of various digital currencies and will perform a function similar to that performed by the S&P 500 to determine the current state of the securities market.

Fundstrat also noted that the algorithm developed by them will allow estimating the specific weight of individual crypto-currencies in each of the indices. In this case, the composition of the indices will be reviewed quarterly.

Lastly, Lee noted that even 2% of the country's currency allows to increase the yield of the traditional investment portfolio of securities, consisting mainly of stocks and bonds, by 2.29%. 

Coinbase Bug to Provide Unlimited Ethereum

The bug was found by VI Company in December last year
21 March 2018   87

VI Company reported the discovery of a vulnerability in the system of smart contracts of the Coinbase exchange, which allowed users to credit an unlimited amount of ETH to their accounts. Experts informed the company about the vulnerability in December last year, and in January it was eliminated. For their work, VI Company employees received an award of $ 10,000. This is reported by The Next Web.

By using a smart contract to distribute ether over a set of wallets you can manipulate the account balance of your Coinbase account. If 1 of the internal transactions in the smart contract fails all transactions before that will be reversed. But on Coinbase these transactions will not be reversed, meaning someone could add as much ether to their balance as they want. When you look up the Coinbase wallet address after this transaction you will see that it is empty, but checking your Coinbase wallet will show your funds.

VI Company Report

In practice, this means that Coinbase users were able to enroll any amount of Ethereum on their accounts.

Researchers provided screenshots showing how Ethereum was credited to their account using the cancellation of the transaction.

Coinbase Bug
Coinbase Bug

Steps to reproduce, provided by the researchers :

  • Setup a smart contract with a few valid Coinbase wallets and 1 final faulty wallet (always throw exception when receiving funds smart contract for example)
  • Transfer appropriate funds to smart contract.
  • Execute smart contract adding the set amount of ether to the Coinbase wallets without ever actually leaving the smart contract wallet because the complete transaction fails at the last wallet.
  • Repeat until you have more than enough ethereum in your Coinbase wallet.
  • Cash out, transfer to off site wallet.

Whether any of the users could detect and take advantage of this vulnerability for their own enrichment is unknown.