Monero V Hard Fork Postponed

The snapshot date is postponed to April 30, block 1564965 so as to facilitate the third-party services requests
20 March 2018   1389

MoneroV is a private cryptocurrency fork of the Monero blockchain. Previously we have reported about the Monero V hard fork after which all Monero holders as of block 1529810 should have become the owners of MoneroV on March 14, 2018. 

However, the team of the project has reported that due to the growing demand and increasing expectations from users, trading platforms, and large mining pools, it has decided to postpone the snapshot date to April 30, block 1564965 to facilitate third-party services requests.

Monero V hard forkMonero V Hard Fork Date Postponed

New features:

  • Replay protection, transactions on the Monero blockchain will not be able to be replayed on the MoneroV blockchain.
  • MoneroV codebase is currently fully functional and tested on macOS Sierra, Windows, 64-bit and on Linux, 64-bit. 
  • Some new procedures will be tested, including testing the time gap between the snapshot date and mainnet release, and raising the minimum ring signature, that will help mitigate an issue that was raised that the hard-fork split might reduce the effective privacy set of ring signatures – one of three private properties of the Monero & MoneroV blockchains.

Moreover, MoneroV’s source code, MoneroV GUI wallet, the MoneroV daemon will be published on Github publicly for the community to audit before released in downloadable form.

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   303

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.