Zcash (ZEC) announces resolution of major counterfeiting bug

05 Feb, 2019
by David Robb
Zcash (ZEC) announces resolution of major counterfeiting bug

The Zcash team has released an official announcement regarding a serious counterfeiting bug that was found in its code last year. The vulnerability was resolved by the Sapling upgrade on October 28.

Read more: ZCash claims more adoption of Sapling, data shows no notable transaction increase

According to the blogpost, the vulnerability "was specific to counterfeiting and did not affect user privacy in any way. Prior to its remediation, an attacker could have created fake Zcash without being detected. The counterfeiting vulnerability has been fully remediated in Zcash and no action is required by Zcash users."

The Zcash team claim that the bug was probably never exploited, as it would have required a very high level of technical expertise to detect it. The vulnerability was "undiscovered by numerous expert cryptographers, scientists, third-party auditors, and third-party engineering teams who initiated new projects based upon the Zcash code." Also, the "Zcash Company studied the blockchain for evidence of exploitation: An attack might leave a specific kind of footprint. We found no such footprint."

Response to this announcement from Zcash has been mixed. A major endorsement came from CIA whistleblower and privacy expert Edward Snowden, who praised the team for the way it was able to resolve this issue without user's funds being affected.

Others questioned the team's assertion that nobody had been able to exploit the bug, and claimed that it wasn't being totally honest with users about how it had dealt with the problem. Blockchain expert Emin Gun Sirer pointed out that many of the major privacy coins had also been affected by a similar bug to the one detected in the Zcash code.

Read more: What are the hottest cryptocurrency trends for 2019?; Why hasn't the SEC approved a Bitcoin ETF yet?

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Read more about: Zcash (ZEC)


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