New vulnerability found on Monero wallet allows hackers to steal XRM tokens from exchanges. Monero has always been known as the privacy-centric cryptocurrency. However the cryptocurrency community was shocked when it suffered a privacy threat as disclosed by the renowned bug hunter Jason Rhineland. According to him, skilled hackers can create virtual transaction data simply by copying a code from the wallet.
Monero (XMR) Price Today – XMR / USD
Since the wallet is accessible to everyone, the hackers can manipulate volumes while they enable transactions between addresses. By multiplying the amount of XRM displayed by the additional line, dodgy transactions can be made easily. The hackers can use this method to demand transactions from exchanges that will be processed immediately allowing them to claim an amount that is far more than the amount that was actually sent for confirmation. The hackers can exploit this vulnerability repeatedly to collect all the XRM on an exchange.
The vulnerability doesn’t just affect XRM but other Monero-based cryptocurrencies as well. All the cryptocurrencies that use variations of the CryptoNote protocol were affected. The developers were able to fix the vulnerability but one exchange complained that its users were affected. On Twitter, the exchange called Altex posted:
“We’ve been having issues with two of our listed coins that are based on the Monero network. The bug cost us a lot of coins. We had to put our main currencies under maintenance so that the affected accounts will be stopped from withdrawing. Trading will also be suspended for now and we would keep updating our users on Twitter as we are trying to resolve this problem. We have put all CryptoNotes based coins under maintenance as we wait for the coin developers to fix the problem.”
The exchanged suffered the problem in July and now that the Monero team has fixed the problem, they’ll be able to resume trading. Hopefully, the vulnerability will not present a problem in the future since the bug has been fixed already.