PetroBLOQ joined to Enterprise Ethereum Alliance

Oil and gas supply chain management platform has become the latest member of the EEA
05 December 2017   857

PetroBLOQ works in partnership with the Petroteq Energy and the First Bitcoin Capital Corp. And now it joins to the business-focused blockchain consortium to realize own plan to build "transformative solutions" for the industry.

We seek to attract a variety of organizations to help create enterprise-grade standards for ethereum and to drive current and future development of the ecosystem to benefit all participants.


Julio Faura

chairman of the board of the EEA

Now the Enterprise Ethereum Alliance consists of 14 industry-focused working groups each of which includes members of business sectors, public sector, healthcare, energy, banking and other. All of them are working to develop open standards and architectures around the ethereum platform. Also the consortium includes more than 200 members for example Accenture, BBVA bank, Deloitte and Microsoft.

Coinbase Bug to Provide Unlimited Ethereum

The bug was found by VI Company in December last year
21 March 2018   95

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.