Monero light and hardware wallets to be launched

Monero light wallets are reaching the final stage and users will be able to store XMR in a hardware wallets
15 September 2017   1255

Monero light wallets are reaching the final stage and users will be able to store XMR in a hardware wallets, as reported by btcmanager.com.

Thus, up to now, Monero users have relied on the official Graphical User Interface and Command Line Interface wallets, with no mobile or hardware support. There was hope that Jaxx would integrate Monero into their blockchain wallets, but then the company announced it would stop the project. According to Jaxx,  there were difficulties in obtaining the required information to build a light wallet, as the privacy-focus meant that basic operations like asking a node for information were not possible.

However, now there is a new hope for wallets to support wider adoption. As btcmanager.com details, the bounty for a light wallet meeting various conditions was claimed by the creator of the Android wallet, Monerujo. For creating an Android wallet where users can connect to their own node, receive and send payments with QR codes, as well as other functions, a bounty of 36.44 XMR (worth $3,414.42 at the time of writing) was awarded to m2049rthe individual who developed the software.

Hence, once extensive testing ensures the wallet is safe, the wallet will be available on the Google Play Store and F-droid, an alternative for free and open-source software.

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At the time of writing, Monero cryptocurrency price is about $94, its market capitalization $1,415,111,928.

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   495

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.