Categories: Altcoins

PIVX, Possibly Other PoS Chains Vulnerable to Bug, Attackers Profit

Click here to view original web page at cointelegraph.com

Private transactions cryptocurrency PIVX and over 200 other blockchains are vulnerable to a vulnerability allowing the attacker to obtain disproportionately high staking rewards.

A major staking vulnerability

Cryptocurrency consulting firm Lunar Digital Assets claimed in a post published on its website on Aug. 12 that a staking vulnerability is being used across PIVX and its forks. The weakness reportedly allows the attacker to obtain mathematically impossible staking rewards on vulnerable Proof of Stake (PoS) chains.

According to the post’s author, the PIVX development team claimed to have solved the issue in January. Nonetheless, a core developer of PoS altcoin BitGreen (BITG) noticed that the vulnerability in question is allegedly being exploited again. The consequences are explained in report in the following way:

“To put it bluntly, someone or some entity has figured out a way to game the PIVX PoS algorithm. This has crippled the rewards system of several chains, and BitGreen has notified of all exchanges that it is listed on to halt all deposits and withdrawals until further notice.”

Accusations against the PIVX team

Moreover, the firm noted that “what’s worse is that PIVX has known that this bug was not fixed and has kept quiet to themselves.” The author of the report claims that he contacted the PIVX core developers and has been told that there was no other solution than waiting for an update which would be issued in the third quarter of the current year.

He also says that after he managed to contact PIVX members directly and asked about information concerning an address which was exploiting the vulnerability in question, he obtained no answer and the attack stopped. He concludes:

“The timing is very suspicious, but I can not conclusively say with evidence that PIVX developers have been using their knowledge of the bug for their own benefits — let alone use it to exploit other chains. [...] The “fake stake” exploit clearly has not been fixed for PIVX, so the question is, was it ever fixed? Or have the attackers developed a new method in carrying out similar attacks such as this one?”

As Cointelegraph recently reported, cryptocurrency exchange Binance recently claimed that a dusting attack occurred against the fourth-biggest altcoin, Litecoin (LTC).

Cryptocurrency consulting […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Luongo: Trump’s Not A 4-D Chess-Player, He’s A Very Simple Creature

Authored by Tom Luongo, Friday night used to be the ‘best night on television.’ But today Friday afternoon is becoming… Read More

5 hours ago

Overstock Still Focusing on Crypto Despite Embattled CEO’s Departure

Overstock was one of the first major companies that expressed extreme interest in utilizing and adopting crypto – an interest… Read More

5 hours ago

Symmetrical Triangle Pattern May Bolster Bitcoin Bulls

Over the past couple of days Bitcoin has found itself caught within a relatively tight trading range and has continued… Read More

5 hours ago

Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer

Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing… Read More

5 hours ago

Ethereum & Stellar’s Lumen Tech Analysis –26/08/19

It’s a bullish start to the day for the majors. Holding above key levels would support another breakout later in… Read More

5 hours ago

New tool for OTC trade is based on Ethereum smart contracts

Source: Wikimedia The decentralized platform AirSwap, a trade network driven by the Ethereum platform, launched a tool, called AirSwap Trader,… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More