Overstock Mega-Glitch Mixes Up Bitcoin with Bitcoin Cash

A crazy crypto glitch apparently allowed people to rip off Overstock.com and reap the rewards.

KrebsonSecurity reports, “Logging into Coinbase, I took the bitcoin address and pasted that into the ‘pay to:’ field, and then told Coinbase to send 0.00475574 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. Let’s say I purchased one of the more expensive items for sale on Overstock, such as this $100,000, 3-carat platinum diamond ring. I then pay for it in Bitcoin cash, using an amount equivalent to approximately 1 bitcoin ($~15,000).”

Krebs continues, “Then I simply cancel my order, and Overstock/Coinbase sends me almost $100,000 in bitcoin, netting me a tidy $85,000 profit. Rinse, wash, repeat.”

Overstock and Coinbase say they have now fixed the glitch and it’s no longer possible to trick the system.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.