Overstock BCH=BTC payment bug fixed

Bug allowed users to 1 Bitcoin Cash instead of 1 Bitcoin
11 January 2018   386

Coinbase and online retailer Overstock.com eliminated a serious bug that allowed their customers to pay for purchases in Bitcoin Cash instead of Bitcoin. This is reported by KrebsOnSecurity.

Bug was noticed by JB Snyder in early January. When buying goods from Overstock for bitcoins, the site accepted payment from Bitcoin Cash, despite the fact that the price of BCH is approximately 15% of the bitcoin price.

To verify this information, KrebsOnSecurity author Brian Krebs bought a set of three outdoor solar lamps worth $ 78.27, for which Overstock billed 0.00475574 BTC.

Solar Lamps Bill
Solar Lamps Bill

Going to Coinbase, Krebs sent 0.00475574 Bitcoin Cash instead of bitcoin. The site replied that the payment was made. A few seconds later Overstock sent the message of a successful purchase. Thus, Krebs instead of $ 78 paid only $ 12. When the journalist canceled the order, to his surprise the system returned bitcoins, and not Bitcoin Cash.

Return Bill
Return Bill

Over the solution of the problem, Coinbase and Overstock worked together for several hours. According to representatives of Coinbase, the problem was caused by the fact that Overstock incorrectly used the return values in the API for integration with trading partners. At the moment, this bug has already been fixed.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   52

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.