Zcash Team Reveals It Fixed A Catastrophic Coin Counterfeiting Bug
The company behind the privacy-minded cryptocurrency zcash has revealed that it fixed a catastrophic code bug last year that could have been used to print infinite coins.
According to a report published Tuesday, zcash cryptographer Ariel Gabizon discovered a “Subtle” bug a little less than a year ago in zk-SNARKS, the bleeding-edge cryptography the cryptocurrency uses to shield balances and user identities, which are implemented so that outsiders can’t see financial information users want kept to themselves.
Once the zcash team found out about the bug, they kept it quiet and pulled together a fix, which they then added to zcash’s large Sapling upgrade, which was executed October last year.
“Prior to its remediation, an attacker could have created fake Zcash without being detected. The counterfeiting vulnerability has been fully remediated in Zcash and no action is required by Zcash users.”
Still, the team added that they don’t think zcash was at risk of the counterfeiting bug for a number of reasons, including “Discovery of the vulnerability would have required a high level of technical and cryptographic sophistication that very few people possess.”
Alyssa Hertig’s original article for coindesk.com reduced by 45%
Related story: Five Critical Vulnerabilities Discovered In EOS In 2019, HackerOne Data Shows
Support Our WorkWhy support us? We work 24/7 to provide simple summaries of the latest cryptocurrency news and developments from across the web. Crypto-News-TLDR relies entirely on contributions from readers to stay independent. BTC ETH XMR IOTA AION Alternatively, support us by using the following referral links: Exchange: Binance | Hardware Wallet: Ledger Browser: Brave | Free Bitcoin: Coinbase
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.