New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users.

The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to ensure that the user’s ID, location, and personal data would not be breached in any way possible. According to the developers, the bug resides in the decoy selection algorithm of the Monero coin. This is a system designed by engineers to hide the actual output transaction with ten other decoys within a ring.

Justin Berman was the first developer to identify the problem and witnessed that the bug unveils the true output transaction of the user if they spend the funds immediately or about 20 minutes after receiving them. The developers have given out a statement that this bug doesn’t exploit any information on the transaction ID, transaction amount, or address but only poses a risk to the occurrence (origin) of a Monero (XRM) transaction.

Developers are Working Hard to Fix the Issue

At the moment, Monero developers are working on a fix, but they have advised the users to wait until an hour this append their newly acquired Monero coin. This way, they won’t be able to confront privacy-related issues commandeered by the bug and would be able to use the platform without any hassle while the developers work on a fix for the issue. The alleged fix will be made available in the next update for the Monero wallet until developers have advised the users to stick with the new guidelines provided by the developers.

The very building principle for Monero was the use of a particular type of cryptography that binds every transaction with ten hocus ones, so the original transaction remains hidden and away from detection. The prevalence of this bug is the very thing that goes against the foundation of this platform, and the developers are working tirelessly around the clock to fix the issue for the users.

Leave a Reply

Your email address will not be published.

Related Removes Cryptocurrencies from Earn Program

The current turmoil in the cryptocurrency market has forced a number of companies in the space to shift their strategy and come up with new approaches that can help them pull through the downtrend. is also doing the same as it announced that they are making changes to their rewards program called Crypto Earn. […]

A Particular Even May Help Recover Shiba Inu’s Price

The trading price of Shiba Inu (SHIB) experienced a gigantic plunge that was triggered due to the recent bloodbath of cryptocurrency. SHIB Bleeds Badly As the cryptocurrency industry suffered a bloodbath, the trading price of Shiba Inu experienced an even worse situation. SHIB’s trading price reportedly suffered double-digit losses. Despite suffering huge losses, the analysts […]

Price of Bitcoin Suffered another Dip Due to Cypherpunk Holdings

The price of Bitcoin (BTC) ended up experiencing a dip and it came down to $20,200. Bitcoin’s price dipped due to a strong selling that was nothing less than a bloodbath. A great sell-off activity was recorded for Bitcoin that was triggered by multiple institutions. Even the investment firms ended up selling Bitcoin on a […]

Stocks Slip and Yields Ease in Light of Powell’s Comments

On Wednesday, global indexes saw stocks edge lower for the most part, while Treasury yields eased, as investors were taking in the comments of Jerome Powell, the Chairman of the US Federal Reserve. He said that while there was certainly a risk of the economy slowing down too much because of aggressive hikes in interest […]

Asia-Pacific Stocks Gain with Investors Weighing Economic Concerns

On Tuesday, shares in the Asia-Pacific region climbed higher, as investors were weighing the economic concerns. Most indexes record gains The Hang Seng index in Hong Kong had been trading at a loss but rose 0.7% in the last hour of trading. There was also a 0.73% gain in the Hang Seng Tech index. On […]