The CryptoNote Major Bug that Almost Affected Monero
Most people are panicking when they hear the word “bug”. Even if it’s coming from the real world or the virtual word, things aren’t looking great. The exact same thing happened in cryptocurrency on the CryptoNote’s algorithm. Even if isn’t recent news, we feel obligated to write a few words about the bug that almost “destroyed” the CryptoNote’s currencies.
If you’re not reading the entire article, we want you to stay relaxed because nothing happened to your Monero.
Around February 2017, a member of the Monero Research Lab discovered an exploit inside CryptoNote-based currencies. The bug allowed double-spending which basically could create an infinite amount of coins. And the “dark” part was that the coins were created almost undetectable. In other words, the only way to detect the intruder coins was to know about the bug. If the observer knew about the bug, he could search for it using a specific code.
Luckily the discoverer of the bug was a Monero volunteer and the entire research team was able to react in time. They quickly patched the bug and nothing bad happened.
“We patched it quite some time ago, and confirmed that the Monero blockchain had NEVER been exploited using this, but until the hard fork that we had a few weeks ago we were unsure as to whether or not the entire network had updated.”
The cryptocoin community is on the right side. Why? Because the ones involved are carrying and doing all the things necessary to help and protect the community. For instance, Monero team announced all the CryptoNote based cryptocurrencies about the bug. Most of the coins patched the bug immediately and other patched it later.
One of the “lazy” coins was Bytecoin. Because of this, it was affected. It is believed that more than 693 million Bytecoin tokens (worth over $1 million) were artificially created. In other words, in a very short time Bytecoin’s Market Cap grew from $10 million to over $300 million and now (at the time of the article) is about $250 million.
Anyway, initially the bug created a little bit of panic, but later on, nothing major happened (except those 693 million BCN). Once again, Monero’s team proved that they are involved and want the best for the cryptocurrency industry.