What The Recent Bitcoin Bug Attack Means

Many are asking what would have transpired if malicious miners took advantage of the attack.

The Threat Facing Cryptocurrencies

The cryptocurrency world is now grappling with the emerging challenge of software vulnerability. Recently, a number of top cryptos have been attacked by bugs leaving a lot of questions. The EOS network, ethereum, monero and bitcoin core have experienced vulnerabilities. Going by the market dominance, bitcoin is the least expected crypto to be attacked by unwanted bugs.

Last week, Bitcoin Core engineers made public an update to patch a DDOs attack. If the attack was not contained in time, the entire bitcoin system would have crashed. The crash could have occurred as a result of the attack causing an overflow of full node operators with traffic.

The bitcoin attack was fixed by both developers working on bitcoin core and other crypto projects. Bitcoin Cash developer Awemany is credited with learning about the bug. He pointed out that the attack was the most catastrophic since bitcoin's inception. In his report, Awemany termed Bitcoin Core’s top developer as arrogant.

An analysis of the attack shows that it was very serious in the sense that crooked miners would have taken advantage and intentionally increase bitcoin’s distribution through double input.

Implications of Bitcoin Core Attack

The attack is linked to an agreement code. Blocks would have been crashed by miners while attempting to authenticate blocks with a transaction that tried to utilize a similar input more than once. As a result, the entire bitcoin structure would have crumbled. Additionally, if the invalid blocks were to be mined, some miners intending to dismiss block reward of 12.5 bitcoins could cause the collapse of the entire system.  

Silence After The Attack

It is key to highlight that developers remained silent with the attack. Many believe, that consequences of the attack forced them to remain silent until it was fixed. The report about the crash was made public two days later. Developers stated that they had undertaken all the appropriate measures to motivate users to update their software immediately. Among the measures taken was to promote awareness among affected parties. They also took time to announce the fix so that many people had the time to update their software to the latest version.

The report stated that the bug was found in the bitcoin core software. It did not have a repairment under V0.14. Inflation threat was introduced by V0.15. However, the developers announced the effects of the entire attack after many users updated the bitcoin hash rate to the fixed software.

Engineer Cory Fields played a major role in fixing the bug. Early this year, Fields noticed an alarming vulnerability with bitcoin cash software. The issue would have caused major disruptions since conducting a transaction on the crypto would have been rendered useless.

Concerns have, however, been raised regarding the report. The team behind bitcoin core has been faulted for not making prior consultation before making the revelation. The bitcoin community holds the view that developers should have reached out to the altcoin community and contributors.

Opinion leader not happy with the handling is John Carvalho. He is a key opinion maker on bitcoin cash. He faulted the developers of making decisions on their own locking out key stakeholders.

However, unanswered questions still linger around despite the bug being fixed. Many are wondering the consequences if the bug was not discovered in time. Many want to know if the attack was explored by crooked miners or not. In response, the developers have once again come out to reassures users that everything is working fine.

The latest statement indicates that stored funds were secure. They stated that in case of anything, the funds would still be rolled back. However, the team acknowledged that we might still have a risk on the chain split where payments can be reversed before the recipient acknowledged receivership. The risk is expected to last for about two weeks.

With the attack, the odds of the entire system collapsing were very high considering the threat posed. Many agree that the bug was scary to be discovered on the code.

2 years ago

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