Coinbase & GDAX may be INSOLVENT! - News is Breaking RIGHT NOW!
BREAKING NEWS
Coinbase & GDAX may be INSOLVENT!
BitFlikz has come to learn that users may be at risk from the exhanges Coinbase and GDAX. This is breaking right now and we have some pending reports of how deep this may actually reach.
In actual fact, GDAX and Coinbase are related. They are owned by the same company.
It has become apparent that GDAX have suffered major replay attacks in the early trading of the new hardfork (ETHF) clone. They did not properly secure themselves from the attack after advice presented by the Ethereum foundation was taken.
During this period it is unknown what actual amount of ETC was relayed but we have estimated it is much bigger than initially anticipated. This occurred over a number of days as GDAX where assured by the Ethereum foundation there would be no interest in the original and unbreakable genesis chain. They where even aware of the attack vector but left it unpatched. It is specualted this may have been an attempt to kill off their competing chain.
At the time of the attack the $ETC was trading between $0.26 USD and $0.58 cents. It is now trading successfully above $1.80 USD after failed attempts harm the chain.
For every dollar taken during the replay attack they are now in deficit over appx -540%.
Sadly, If $1 million USD in ETH was withdrawn at the time that will place GDAX in a loss of -%540 or over USD $6M at current prices.
Luckily I put the majority of my Coinbase BTC into Steem Power :)
....... Gotta withdraw the couple others now....
smart. SteemPower is a good investment
great post
But... no longer as good as ETH would have been :(
I will say that I have had a ~3 BTC withdrawal pending for several hours from Coinbase that still has 0 confirmations. Have never had that happen before.
This is FUD and has already been posted. Pretty irresponsible to post this and opens one up to legal liability if it causes damage to these exchanges or their customers. Saying any company is insolvent without really good evidence (ie you have seen their books and know what their balance sheet looks like) is an incredibly bad idea.
Additionally, the site in question is poorly written, has poor journalistic standards, and seems like a mouthpiece for market manipulators.
But also do you find credible someone who puts % sign before the number???
More color
that bad news for me, im coinbase user
Lets see how this develop, BitFlikz made a large article about it and they are saying that news is coming tomorrow (maybe today).
I´m running to the store to buy some PopCorn :D
hahahahha ,then publish a review of it
hehehe, I might :D
Bitflikz is a site set up to manipulate markets. Anonymous and not credible.
This article is FUD. It should not be the basis of your worries.
@ fyrstikken,
Thanks for the news. I hope Gemini is safe.
This would really suck, being arguably the biggest and most well-known US based bitcoin firm. It wouldn't be surprising, as anyone who has paid attention even slightly has been hearing these rumors for at least a few months now. And on a side note, with the notorious state of Coinbase's customer service, or absolute lack there of, serves 'em right. Karma is a beeyotch.
When I withdraw Bitcoin to Cash, I use AdvCash.com - they have 0 % fees and is just an amazing exchange & MasterCard provider. It will cost you $5 to get the card, but it is truly worth it.
@fyrstikken,
Thanks for the tips. I going to check it out.
Thanks for the tip, I hadn't heard about this.
Thanks for sharing... will check it out!
Thanks for the tip. I'll check it out too :)
Thank you for that will definitely check it out!
The article is FUD.
I used coinbase all the time. Thanks for the news.
Taking my btc to a safer place. What do you guys recomend?
Steem Power
Anywhere that is not an exchange. Paper wallets are best. I sometimes hand write private keys that are generated offline. Still I worry.
watching closely how this develops, for the moment it's good to keep the community up to date as news becomes available.
That is readily bad news for coinbase users. I am one of them. Thanks for sharing.