Monero (XMR-USD), a popular privacy-focused cryptocurrency, has a bug that caused the Altex exchange to suffer heavy losses. This wallet had a relatively minor cybersecurity vulnerability that allowed it to be stolen from a cryptocurrency exchange.
Monero’s open source base makes it easily accessible to scammers
Researchers who tracked this bug said it ranked 9 out of 10 when considering severity parameters. The tech outlet revealed that an ingenious hack created fake transaction data by copying a simple line of code from Monero's code base. . It is open source based and easily accessible online. Once accessed, the scammer uses the copied code to manipulate the amount of cryptocurrency shown in your Monero wallet to his liking by multiplying it by the amount shown in your Monero wallet.
Although this bug does not directly facilitate immediate access to XMR, hackers could potentially use it as an attack vector against cryptocurrency exchanges. It is also possible for a malicious user to trick an exchange customer's support into depositing his Monero into his account, which does not actually exist. According to the report, scammers can bluff around 8,000 times the original transaction amount.
Altex Exchange suffers from bug
Fortunately, Monero quickly resolved the issue. But his Altex Exchange, a lesser-known platform, recently posted on Twitter that hackers took advantage of a security flaw in the platform and took advantage of it. According to the Altex team, “Two of our listed coins are experiencing issues (even after updating their software, they were still affected by a double-counting bug recently discovered in the Monero codebase). This bug caused a huge loss of coins on the exchange, so we have put the major currencies into maintenance so that people who exploited the bug can no longer make withdrawals.
The team further added that it has ceased trading for a while and will provide updates to users via Twitter. The exchange said it is working to normalize the situation as soon as possible.
The article Altex Exchange suffers massive losses due to Monero wallet bug appeared first on Market Exclusive.
