A bug in Monero compromises transaction privacy

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The only money spent within an hour of receiving them is affected by the issue.

Monero engineers have uncovered a flaw in the coin’s privacy algorithms that allows for identifying transaction destinations, therefore compromising anonymity.

Monero Runs Into A Security Flaw

The developers of Monero, one of the most popular privacy currencies in crypto, have uncovered a critical flaw in one of the coin’s privacy algorithms. The issue only affects payments spent within two blocks (about 20 minutes) of receiving them, and it allows the recipient of the cash to be discovered.

Monero informed users that the flaw does not expose addresses or transaction amounts and that monies transmitted are never at risk of being stolen amid a Twitter storm addressing the problem. Furthermore, because the problem only impacts money transferred within two blocks of receiving them, the team advised waiting at least an hour to reduce the chance of users’ privacy being compromised.

Monero has established itself as the safest and most anonymous means to transfer and store digital assets. However, because transactions on the network are entirely anonymous and untraceable, it has become the coin of choice for dark web marketplaces.

The Inland Revenue Service offers a $625,000 reward to anyone who can penetrate Monero‘s secrecy in September 2020. The bounty, however, has yet to be claimed as of this writing.

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