Fake XMR bugs on Monero is fixed within a month after being found

17 Jul, 2019 | Updated: 17 Jul, 2019
by Fifi Arisandi
Security
Fake XMR bugs on Monero is fixed within a month after being found

Significant bugs that allow the creation of fake Monero was found by a blockchain developer. 

Cryptocurrency is truly a nascent technology that can be developed to things people couldn’t imagine. That said, it still has the bugs that possibly ruin the entire network.

Recently, HackerOne revealed significant security bugs on the Monero (XMR) network. Some of the bugs make the network is prone to DDos attack, although some others are successfully fixed.

The blockchain developer who found the vulnerability said he successfully created a “fake XMR” and even sent them to exchanges.

“By mining a specially crafted block that still passes daemon verification, an attacker can create a miner transaction that appears to the wallet to include sum of XMR picked by the attacker. It is our belief that this can be exploited to steal money from exchanges,” the report stated.

Such vulnerability shows that even the most private and security-centric coins can be compromised, which would make crypto “worthless” as it fails to deliver its most foundational promise of security and transparency.

Despite being successfully fixed, Serge Vasylchuk, Codex exchange CEO said, “Most of the vulnerabilities were disclosed few months ago, yet were only now fixed. While Monero developers are doing great work, they cannot guarantee no new coins were minted by deceiving an exchange. If such an attack would occur, it might've taken a long time until the exchange would've noticed it, unless their security mechanisms are advanced enough to scan its cold wallet storage and compare it with account deposits very quickly.”

Moving on, the issue with Monero is that it’s highly susceptible to the domino effect as in how the bugs would affect all existing projects, although as of now, there are no reports yet on the bugs appearance elsewhere.

Unfortunately, Monero is not the only one to have such significant bugs on the network.

Charles Guillemet, the chief security officer at Ledger said, “Monero is not the first example and won't be the last one unfortunately.”

“Red teaming, independent third party audit, peer review of scientific articles. New cryptographic protocols need time to be reviewed and assessed,” he added.

Eventually, according to Cointelegraph, it is way better for blockchain projects to support one another rather than racing to the finish line.

NEW! Bitcoin & Cryptocurrency Merch available at stacking sats!

 

   

Read more about: Monero (XMR)

Poll

Do you hodl Monero?

(1 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage