Developers reveal Massive Monero Bug
Monero (XMR), announced on July 3 by the developers of HackerOne, has recently been exposed to a number of security vulnerabilities. One mistake in question would give attackers the ability to "create" an XMR, which was not really in the blockchain.
If used correctly, this exploit would allow a hacker to credit his own stock exchange accounts in XMR, exchange the specified credit for “actual” cryptocurrency, and then withdraw the asset, whether it be Bitcoin, Ethereum or otherwise, from the victim of the exchange. The developer who discovered this error was paid about $ 4,000 for XMR for finding a potential exploit.
Interestingly, this failure is very similar to the one that was discovered last year, which actually affected the stock exchange cryptocurrency based on the Monero code. MA less well-known exchange called Altex showed that “every coin based on CryptoNote”, which she listed, was under pressure from attack and error.
This error apparently allowed users to manipulate the amount of cryptocurrency displayed by certain XMR wallets, with each new line of copied code multiplying the displayed amount of Monero.
Although this error does not contribute to the materialization of XMR from the air, attackers can use it as a means of attacking a cryptocurrency exchange. In particular, malicious users may fraudulently force support teams to exchange their account for Monero, which does not exist, and one coder noted that users can bluff a value up to 8,000 times compared with their initial transaction amount.
Despite these persistent errors, the XMR has undergone a good pampa. In fact, according to the Coin Market Cap, the popularity of privacy-based altcoin has grown by about 9% in the last 24 hours, being at the level of 96.5 dollars, which does not exceed the psychological price of $ 100.
This strong take-off makes even less sense when you look at Bitcoin. Bitcoin, which has easily surpassed alt-coins over the past few weeks, has grown by only 2% in the last 24 hours, which makes the XMR movement much more noticeable.
ZCash competitor is also very ambitious.
This disclosure is eagerly following the news that Electric Coin, the organization behind rival Monero ZCash, has big ambitions.
Speaking at a Croatian event, executives and employees of Electric Coin presented plans to incorporate a “sharding” into their network. For those who do not know, sharding is a mechanism that divides information in a database into different servers. This in the context of cryptocurrency can allow different groups of nodes in the blockchain to process different requests, which can lead to a significant increase in transaction time and data throughput.