Monero Adds Multisignature Technology

The multisignature function will allow Monero to compete better with cryptocurrencies, in which this technology has already been integrated
18 December 2017   4495

Yesterday the Monero developers team announced that multisignature technology will be included in the next release. It is stated that multisig transactions and addresses will be indistinguishable from normal transactions and addresses.

Monero Twit

Multisignature Wallet structure offers an additional layer of security to cryptocurrency wallets. Such wallets require authorization from multiple users before transferring of funds.

The multisignature technology development project has been funded by the community itself and has not received any financial backing.

It is expected that the multisignature function will allow Monero to compete better with cryptocurrencies, in which this technology has already been integrated.

Monero chartsMonero Charts

At the moment of press, these are main market parameters of Monero:

Average price: $347,25

Marketcap: $5 379 859 990 USD

24h volume: $180 927 000 USD

Monero Team to Kill Coin Burning Bug

A scenario of a hypothetical attack described by one of the participants of Monero's subreddit helped to identify the bug
26 September 2018   484

Developers of the Monero cryptocurrency have eliminated a bug that could allow intruders to "burn" funds in organizations' wallets, while sacrificing only a small amount in the form of transaction commissions. This is reported in the official announcement of the project.

A scenario of a hypothetical attack described by one of the participants of Monero's subreddit allowed to identify the bug.

Practically speaking this bug is exploited as follows. An attacker first generates a random private transaction key. Thereafter, they modify the code to merely use this particular private transaction key, which ensures multiple transactions to the same public address (e.g. an exchange's hot wallet) are sent to the same stealth address. Subsequently, they send, say, a thousand transactions of 1 XMR to an exchange. Because the exchange's wallet does not warn for this particular abnormality (i.e. funds being received on the same stealth address), the exchange will, as usual, credit the attacker with 1000 XMR. The attacker then sells his XMR for BTC and lastly withdraws this BTC. The result of the hacker's action(s) is that the exchange is left with 999 unspendable / burnt outputs of 1 XMR.
 

dEBRUYNE at Get Monero

Monero developers note that this method does not allow the attack organizer to directly receive the XMR coins deposited in this way. However, an attacker can withdraw XMR through bitcoins, and the exchange will remain with 999 non-consumable or "burned" outputs from 1 XMR.

The created fix was privately distributed to exchanges and large merchants, in order not to attract unnecessary attention to the time of elimination of problems. According to the developers, the exploit was not used to perform real attacks.

In early August, because of the critical bug in the code of Monero, which allows to manipulate the amount of transactions, Livecoin suffered losses exceeding $ 1.8 million.