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Your email address will not be published.


Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]

Profit-taking on BTC Surge, As Price Breaks The $27,000 Threshold

It has just been confirmed that BTC has experienced the most extensive profit-taking activity since the last quarter of 2020. This information was obtained from data released by Santiment, an on-chain data analytics company. The released data also states that the profit-to-loss volume of the day-to-day ratio on on-chain transactions was one of the major […]

Governments Who ban Drugs Should Ban Crypto Too, Said Belgium’s Ex-Finance Minister

The former finance minister of Belgium, Johan Van Overtveldt, reportedly suggested that any country that bans drugs should also ban crypto assets. According to reports, he made the statement during the recently concluded European Parliament meeting. During the meeting, the parliament was reportedly deliberating on the effect the recent collapse of three crypto-friendly banks, Silvergate […]