Cryptocurrency

17/01/19 09:04 UTC-4

Error after updating Beam cryptocurrency could threaten users’ wallets

Beam cryptocurrency developers discovered an error in updating the software of the coin that could put cryptocurrency at risk – as reported by the CoinDesk news agency.

The cryptocurrency vulnerability report was published on January 17 in Medium. Due to the update of the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
, an error occurred that allows you to create "modified transactions". That is, the cryptocurrency during the transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
can be redirected and send funds directly to the attacker's wallet.

 

Cryptocurrency Beam – possible risks

Beam CTO Alex Romanov explained that using the SBBS Beam personal protection system during encryption during a transaction, customers' wallets can be endangered.

Romanov added that the problem is primarily related to a specific network application, and not to the MimbleWimble anonymity system.

"The vulnerability of wallets is not related to Mimble, cryptography, or any underlying technology. In fact, this is a mistake in the application itself (...). It affected wallets only." – Beam CTO Alex Romanov.

Although information about the error was made public immediately after its discovery, the exact nature of the threat has not been reported so far.

The reason for non-disclosure of technical nuances, according to Romanov, is the prevention of possible attack vectors. Now, the "error" significantly limited the possibilities of coin poolsPools
– the union of miners in groups for the extraction of cryptocurrency. Details
, as well as its exchange. Such measures were taken to prevent hacking wallets.

Error updates Beam coins could ruin the wallets of users, but according to the developers, they acted on time. As it became known, the vulnerability of cryptocurrency will be eliminated by the beginning of next week.

Editor: Pereyidenko Ihor

See also: "The first block of the new Grin cryptocurrency has appeared"

#Beam #cryptocurrency #cryptowallet #SBBS #Mimblewimble

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