Statement about users who were victims of Coinbase wallet fixes
Users who were victims of Coinbase wallet fixes. Coinbase, on the other hand, stated that less than 30 customers were affected by this issue and the issue was fixed shortly.
Coinbase wallet fixes and SegWit bug
Coinbase, a combination of wallet and Bitcoin exchange, is a payment gateway fixed a bug in the system. This caused users to lose their funds invested in Bitcoin transactions through the platform.. This issue arose two weeks after the launch of Segregated Witness (SegWit) support for cryptocurrency exchanges.
SegWit is a forward-looking Bitcoin Blockchain upgrade that will work without all users needing to update their software.
“Coinbase has not updated BIP70 to use SegWit addresses.”
In a March 12 Reddit post, Coinbase user Dazzling Substance encountered a problem with the platform’s payment gateway while sending Bitcoin to a merchant. The user thought that the error was caused by an issue with the Bitcoin Payment Protocol (BIP70), which provides communication between vendors and customers. it took. Also, Dazzling Substance said:
If you want to pay a merchant using a payment gateway like coinbase.com, the other party cannot receive Bitcoin. Because you lose your money because of a problem in the system. Coinbase has not updated BIP70 to use SegWit addresses. For this reason, your money has been sent to an unknown address and has been removed from the tracking systems.. Therefore, many users may suffer due to Coinbase wallet fixes.
The Coinbase team has refunded the users affected by the issue
The Coinbase team, on the other hand, stated that the BIP70 payment protocol update has been applied. made a statement stating. However, the problem arose because the requested payment address was not SegWit compatible.. A Coinbase spokesperson stated that the issue affected less than 30 customers and was immediately fixed.. Also, a Coinbase spokesperson said:
As soon as we were informed about the issue, we started working on solving it.. The problem was large and took hours to resolve. However, less than 30 customers were affected by this issue. We have also refunded all affected customers.
Bitcoin Payment Protocol (BIP70) compatible wallets
To improve Bitcoin payment services and enable safer transactions The BIP70 protocol was introduced by Bitcoin developers Gavin Andresen and Mike Hearn in July 2013.
On December 14, BitPay, a Bitcoin-based payment system, announced that it would require wallets compatible with the Bitcoin Payment Protocol to solve users’ payment problems.. On January 10, BitPay also expressed discomfort that some users are switching to BIP70 compatible wallets listed on BitPay’s support page.
Cointelegraph