Stellar Lumens price doubles

The price of cryptocurrency Stellar Lumens rose more than 120% within past 7 days. Let's find out why
02 December 2017   1756

Stellar Lumens, a cryprocurrency of Stellar open-source network that lets users build low-cost financial products for their community, has shown a significant price jump increasing 119,55% during past 7 days.

Stellar Lumens charts decemner 2017Stellar Lumens Charts

The price rose from the mark of $0,04 on November 26 to the mark of $0,09 on December 2, while the market capitalisation of Stellar Lumens increased from $884 million to $1,7 billion.

The rise of the currency was preceeded by a series of significant events connected with Stellar Lumens currency and Stellar network. For instance, on November 22 the company announced that Ledger HQ Nano S support became available for Stellar Lumens.

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

  • Average price: $0.09
  • Marketcap: $1 657 799 666 
  • 24h volume: $93 788 900

Messari to Found Stellar Inflation Bug

Someone was able to issue 2.25B XLM in April 2017 ($10M at that time)
28 March 2019   219

Analysts of the Messari made public a serious inflation bug that occurred on the Stellar network in April 2017. This incident went almost unnoticed.

According to them, a certain attacker using the bug in the MergeOPFrame :: doApply function of the Stellar protocol created about 2.25 billion XLM (at that time about $ 10 million).

Subsequently, the coins were transferred to exchanges and probably sold in the first half of 2017. Analysts were able to detect the history of transactions related to bug through the Horizon client, which is not available in block browsers.

This illicit inflation represented nearly 25% of circulating supply in April of 2017, but public disclosures at the Stellar Development Foundation (“SDF”) regarding the event were relatively muted, and no media seems to have previously reported on the bug or the SDF’s subsequent decision to burn an equivalent amount of XLM from its community reserve to offset the illicit inflation.

Messari Bug

The preliminary fix for the bug was introduced by Stellar founder Jed McCaleb on April 6, but until his official release on April 30, the attack vector remained open.

In turn, representatives of Stellar stated that they had mentioned the use of the bug a couple of times in the release notes and since then have substantially revised the standards for disclosing information.

We recognize that Stellar has since become significant financial software, and our disclosure standards have grown to reflect that reality. There’s been no notable bug since, and if there were we would disclose it in full detail as soon as it was patched.

Stellar Team

In November 2018, transactions for billions of XLM tokens, made at the same address, were seen on the Stellar network. The total amount of transfers then exceeded the coin offer available on the market, but it soon became clear that the transactions were fake.