News Zcash (ZEC) Deals With Potential Exploit Following Rumors On...

Zcash (ZEC) Deals With Potential Exploit Following Rumors On An “Imminent” Attack On Monero (XMR)

-

- Advertisment -

Monero (XMR) and Zcash (ZEC) are the most popular privacy-oriented coins.

According to the Winklevoss twins, the founders of crypto exchange Gemini, people should go with ZEC instead of XMR, mainly because regulators hate it less.

This is reportedly the main reason for which they preferred listing ZEC on Gemini and not XMR.

Monero, potentially under attack

It was recently reported that a thread on Reddit has been making the Monero community curious.

It was reported by Hackrenoon’s Han Yoon that the Monero network is possibly showing signs of an imminent attack.

People who have been watching the network have noticed something really strange: while the hashrate is increasing, the profitability is decreasing. And this triggered lots of assumptions.

Zcash deals with a vulnerability

Zcash (ZEC), the other essential privacy-oriented coin released a report that reveals a mathematical mistake that was made in the code.

Cryptographic engineer Ariel Gabizon discovered this error. It revealed a security vulnerability that could have exposed ZEC to hackers.

Zcash (ZEC) Deals With Potential Exploit Following Rumors On An “Imminent” Attack On Monero (XMR)

“Eleven months ago we discovered a counterfeiting vulnerability in the cryptography underlying some kinds of zero-knowledge proofs,” the reports writes.

Zcash continues and explains that “The counterfeiting vulnerability was fixed by the Sapling network upgrade that activated on October 28th, 2018. The vulnerability was specific to counterfeiting and did not affect user privacy in any way. Before its remediation, an attacker could have created fake Zcash without being detected. The counterfeiting vulnerability has been fully remediated in Zcash, and Zcash users require no action.”

Zooko Wilcox is the Zcash’s CEO, and he said that he’s positive there wasn’t any exploitation of this flaw.

He told Fortune that he’s confident that people don’t know cryptography that well these days, at least not well enough to have taken advantage of this flaw/vulnerability.

But he highlighted that still, the team cannot be 100% sure that this did not happen.



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

IMF: Risk of substitution of domestic money by central banks’ digital currencies

Central banks around the world began looking closely at the issuance of their own digital currencies, known...

Ripple: The cryptocurrency that will ‘change’ the world in 2020

Ripple could say he's a child of Bitcoin: In December 2017 Bitcoin hit a record price in...

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders. Spain's government has reportedly approved...

CryptoTaxCalculator Partners With CoinSpot

Australia’s leading cryptocurrency exchange CoinSpot has partnered with Australian made CryptoTaxCalculator to help users deal with the...
- Advertisement -

Will Cryptocurrency Survive in 2021?

The million dollar question: ''Will Cryptocurrency Survive in 2021''? Should you keep investing?

How to make money on COVID-19

It's no secret that many people lost their jobs and a lot of money as a result...

Must read

- Advertisement -

Read Next
Recommended to you