SpaceChain Joins Enterprise Ethereum Alliance

SpaceChain, which aims to enable a next-generation infrastructure for blockchain industry, announced that it has joined the Enterprise Ethereum Alliance
28 February 2018   208

The Enterprise Ethereum Alliance connects 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts, in order to learn from and build upon the smart contract supporting blockchain running in real-world production – Ethereum – to define enterprise-grade software capable of handling complex applications at the speed of business.

SpaceChain, a space exploration initiative based on human consensus, is striving to seek the consensus which can effectively encourage human beings to spontaneously engage in outer space activities. 

On February 27, SpaceChain announced that it has joined the Enterprise Ethereum Alliance. 

We are very excited to become a member of Enterprise Ethereum Alliance. SpaceChain is building an open-source operation system that will enable developers to make applications by applying smart contract and blockchain sandbox designed by our CTO Jeff Garzik. We look forward to connecting with all the EEA members and discussing opportunities for collaboration.

Zee Zheng

Co-founder, SpaceChain

Moreover, it was reported that SpaceChain would be meeting with Ron Resnick, Executive Director of Ethernet Enterprise Alliance, to discuss the details of their cooperation.

At the moment of press, these are main market parameters of SpaceChain:

Average price: $0,185075
24h volume: $255 581

Coinbase Bug to Provide Unlimited Ethereum

The bug was found by VI Company in December last year
21 March 2018   105

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.