Cryptocurrency

Monero Developers Have mended the ‘Burning Bug’

Monero

The recent news story about the developers of open-source cryptocurrency Monero (XMR) have mended a bug that could allow an attacker to destroy the funds of an organization’s wallet with no loss of network transaction fees as per the formal announcement released on 25th September.

The bug was supposedly invented after a community member elaborated a hypothetical attack on the XMR subreddit. The bug is believed to affect traders and organizations in the XMR ecosystem by consolidating an attacker to trigger significant destruction.

Further speaking to the matter, the blog post explains about to leverage the bug stating: “An attacker first generates a random private transaction key. Thereafter, they modify the code to merely use this particular private transaction key, which ensures multiple transactions to the same public address (e.g. an exchange’s hot wallet) are sent to the same stealth address. Subsequently, they send, say, a thousand transactions of 1 XMR to an exchange. Because the exchange’s wallet does not warn for this particular abnormality (i.e. funds being received on the same stealth address), the exchange will, as usual, credit the attacker with 1000 XMR.”

Amid this, Monero states that the attacker would not be able to directly accumulate monetary gains with such an attack, “there are probably means to indirectly benefit.”

The hacker is expected to sell the XMR for Bitcoin BTC and then withdraws the BTC after following the attack. Then the exchange is left with 999 exhausted outputs of 1 XMR as a result of the attack.

Amid this, XMR is expected to have claimed to be a private cryptocurrency that can’t be traced and was the target of deceitful activities in the crypto space earlier. Beginning of this month, the MEGA Chrome extension was impaired that allowed cybercriminals to steal users’ XMR to other sensitive information additionally.

A report published in June this year by security company namely Palo Alto Networks investigated that almost 5 percent of all XMR in circulation at the time was mined deliberately harmful. With this XMR supposedly has an incredible monopoly in place on the cryptocurrencies targeted by malware with almost $175 million mined spitefully.

Amid this, XMR is considered to be the 9th largest digital currency having a market capitalization of nearly $1.9 billion and a circulating supply of over 16 million as per the valid source of CoinMarketCap!!

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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