Wednesday, September 18, 2019

Monero Averts Massive Catastrophe as Patch Bug is Detected

Monero developers just managed to avert a drastic disaster by fixing a patch bug that would have resulted in the loss of millions of dollars if eventually exploited.

Patched Bug Threatens to Destroy All

The bug, as designated by its attacker, could cause irreparable damage to digital currency exchanges and XMR-friendly merchants. The bug present in the software patch that was circulated privately between different crypto exchanges by the company before it was publicly announced on its official website.

The bug, if it had not been duly detected and addressed, would have provided the leeway for a user to intentionally “burn” XMR just by the making too many payments or transactions to the same address. An attacker meaning to exploit the loophole only has to keep sending payments relentlessly to a particular stealth address, and funds would continue to be accrued steadily.

The wallet software for the privacy-centric cryptocurrency was found to specifically contain the bug, where the Monero software had not been programmed to test for this sort of abnormality in any way. Thus, it would have been practically easy for a wallet serving as a receiver to process the transactions without detecting any discrepancy or problems whatsoever, and subsequently going on to credit the deposit.

On a larger scale, the attack would have proved highly beneficial to the attacker, even if indirectly, assuming the exploitation was successful. A determined onslaught would have led to the reduction of the effective Monero supply and consequently inflating the price of each spendable XMR coin with the corresponding market cap.

Related Article:  16 Individuals Arrested in Japan for Monero Cryptojacking Case

Thanks to an open discussion on the XMR sub-Reddit, the potential exploit was identified by the developers and its possible consequences to merchants, exchanges and organizations were brought to attention.

The community moderator dEBRUYNE revealed that the emergency fix that was made to the patch to solve the problem performs its job but is far from the ideal solution. He wrote:

“I (and others) privately notified as many exchanges, services, and merchants as possible with the (private) patch that had to be applied on top of the v0.12.3.0 release branch. To reiterate (from the previous post mortem blog), this is clearly not the preferred method, as it (i) invariably excludes organizations that I (and others) personally do not have contact with, but are an essential part of the Monero ecosystem and (ii) may invoke a view of preferential treatment. However, there had only been limited time to improve the vulnerability report process.”

The developer has called for more ‘intelligent’ minds to provide a more comfortable but efficient solution that would serve as a long-term fix to a fragile situation that only helps to remind users that digital currencies and related software are still very much in the period of infancy.

News of the bug and its recent disclosure have not affected the price of XMR though, as the digital coin currently trades at $114, a decline of about 3 percent; while a few other altcoins have seen more than a 5 percent decrease.

More Articles

Fidelity Considers Offering Trading For Top 5 Cryptos

Fidelity, one of the most surprising cryptocurrency revelations, has expressed today their idea of expanding already. Their goal would be offer trading and custody service...

Bitmain, Kraken and Roger Ver Sued for Allegedly Manipulating...

United American Corp. (UnitedCorp) based in Florida has allegedly sued Roger Ver, Bitmain, Kraken Bitcoin Exchange and Bitcoin.com as stated in the Dec. 6...

Coinbase Lists Circle Stablecoin USDC In Its Platform

Coinbase lists Circle stablecoin USDC in its platform, a decision that surprised some due to them not having listed Tether, the most famous and popular stablecoin....

The SEC’s Approval Of a Bitcoin ETF Will Change...

Despite the dismal performance of crypto assets, this space continues to receive attention from prominent thought leaders in traditional capital markets, making it evident...

Bitcoin Now Sold At The Post Office In Liechtenstein

Bitcoin investors in Liechtenstein can now buy bitcoin at the post office. The new service is being aided with the partnership of Liechtenstein’s official...

Even More Speculations As Bitcoin Accumulates Over 32% Gain

After all that has been said and done in the past few weeks, more opinions have arisen regarding Bitcoin's upward price trend. From its...

John McAfee to Run Presidential Campaign in Exile After...

John McAfee, the founder of McAfee Associates on January 22, announced on Twitter that he will be running his presidential campaign in exile while...

Nigerian Blockchain Startup to Improve Cross-Border Money Transfer in...

A new Nigerian blockchain startup, Kora, has revealed its intention to leverage on the blockchain technology to achieve low-cost money transfers across borders within...

US Retailer Kroger Considers Crypto As Replacement For Visa...

Since VISA card continues to increase its service fees, their partnerships with companies also threaten to be in danger. Kroger Removes VISA Payment Method As recently...

Australia Issues Warning About Scammers Demanding Bitcoin

A warning has been issued by the Australian Taxation Office (ATO) about a new scam going around. The said scam revolves around a bunch...

Kobe Bryant Will Appear At TRON Conference

With lots of celebrities endorsing cryptocurrencies and ICOs, is not rare to be seeing one more. But now Kobe Bryant is going to attend...

College Kids Are the Second Largest Group of Cryptocurrency...

A lot can be done with the free electricity at University campuses, and that includes mining cryptocurrencies from the school's dorm or library. That being...

Latest Articles

HMRC demands info on traders from crypto exchanges in...

Sygnum Becomes World’s First Licenced and Regulated Digital Asset...

Swiss-based Sygnum, a digital asset investment and solutions provider, has become one of the world's first licensed and regulated digital asset banks after receiving...

The Easiest Way to Pass Your Microsoft MCSA MD-100:...

If you try to think of things that don't use Information Technology in one way or another, it would be a very tough task....

Are Worries Over AI’s Effect on the Financial Jobs...

A recent study by Fountech has revealed that two-thirds of adults living in the UK are concerned that the Artificial Intelligence industry will leave...

Will Cryptocurrency Gambling Kill Land-Based Casinos?

It’s hard to deny that the internet has radically changed the gambling landscape. Sure, the common perception of gambling may still involve the glitz...

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...