News “Stop Using Monero App On The Ledger Nano S,”...

“Stop Using Monero App On The Ledger Nano S,” Warns Ledger’s Lead Developer – A Bug Can Compromise Funds


- Advertisment -

A lead developer with the hardware wallet company Ledger has just issued a warning.

He is telling users to stop using the Monero app on the Ledger Nano S.

Users can lose funds

He said that there had been some support issues reported and they are currently investigating what happened.

It seems that there has been reported the existence of a bug that can lead to losing users’ funds.

The developers have initially believed that the issue could be linked to a sync problem, but they have confirmed that this is not the case.

The bug was first mentioned when a Redditor created a post claiming that they lost 1,680 XMR worth $81,000.

Reddit debate

Someone asked: “Is it wallet software which, while processing a ‘send,’ is also responsible for including a correct and valid change address linked to the sender’s private key?” and the moderator responded yes.

When the same person asked “So if the wallet software screws up in this step and includes an incorrect (but valid) monero change address, then the change gets sent to this incorrect address and becomes inaccessible to the original sender because it cannot be accessed with their private keys? Is this a fair description of the issue that has been found?” the moderator responded, “We don’t know exactly what happened here.”

And eventually when the Redditor said “If so, I cannot believe how such a bug could escape being detected in testing as it appears to be a very basic wallet functionality,” the moderator responded with:

“The bug is, most likely, triggered by an edge case. Furthermore, multiple people tested the new version and did not incur any issues.”

We recommend that you follow the thread on Reddit.

Monero was in the spotlight recently after Riccardo Spagni addressed some subjects involving the privacy-oriented coin.



Please enter your comment!
Please enter your name here

Latest news

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be...

Using Blockchain to Fight Climate Change, MOSS is changing the Narrative

The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and...

DeFi Tokens Still Bullish with Triple-Digit Prospects Amidst the Bitcoin Rally

The Decentralized Finance (DeFi) market seems to have reclaimed its bullish status in the ongoing crypto market...

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

It is a recent but not new happening that a hot wallet from a crypto agency has...
- Advertisement -

Facebook’s long-awaited Libra is Coming in January 2021

In a more limited form, the Libra Association's projects are being implemented. It will only launch a...

Polkadex Enhances the Cryptocurrency Trading Experience

The global economy has not entered the modern era as of yet. Luckily, there are tools to...

Must read

- Advertisement -

Read Next
Recommended to you