Developers Privately Fix Destructive Bug On Monero
However, monero has been accused of a poor bug announcement system.
Monero Hit By Destructive Bug
It has emerged that the monero cryptocurrency was attacked by a bug. However, the developers managed to get rid of the bug in the crypto that focuses on privacy. If the anomaly had been in the system for long, hackers would have gained access causing damage.
The bug was kept a secret until it was fixed during a post-mortem announcement. It will be fixed via a software patch which is only distributed to trading platforms. If it stayed for long, a user would have taken advantage and intentionally burn XMR. Such an action would have led to remittance of numerous transactions to a similar address.
On the receiving end, recipients would have been able to spend one output instantly. Additionally, next transactions would become useless due to duplication of key images that will be declined. The system would detect it as a double spend attack.
If an attacker was determined enough, he could have taken advantage of the bug and executed a number of payments to one address under an exchange or trader. According to engineers, the bug was discovered in the Moreno wallet system. The software failed to scan for any abnormality. Under this case, the recipient will mark the transaction complete since no problem will be detected.
In the event an exchange became the victim, hackers would trade the entire deposit for other digital currencies. At the same, they would release funds to an outside storage.
Notably, in case the exchange management tried to include deposits in any transactions, a huge output would be the end result. If the exploit was executed on a wider scale, the hacker would benefit directly. It would have lowered the effective monero distribution affecting the market volume.
Questions Over Monero’s Reporting Procedure
The underlying infrastructure of the bug's implication has become a public affair. Notably, it led to a conversation on Reddit. Developers noted that in case the attack had been exploited, then stakeholders would have suffered a lot.
After the bug discovery, monero’s value has not been affected. The crypto is at the moment valued at $114 which represents a 3% drop.
However, Monero has been put on the spot regarding the process used to announce the bug. The crypto lacks a definitive protocol of reporting such bug.