• Latest
‘Bitcoin Bug’ Exploited on Crypto Fork as Attacker Prints 235 Million Pigeoncoins

‘Bitcoin Bug’ Exploited on Crypto Fork as Attacker Prints 235 Million Pigeoncoins

October 2, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

‘Bitcoin Bug’ Exploited on Crypto Fork as Attacker Prints 235 Million Pigeoncoins

coinnewsdaily by coinnewsdaily
October 2, 2018
in Tech
0
‘Bitcoin Bug’ Exploited on Crypto Fork as Attacker Prints 235 Million Pigeoncoins
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

A severe bug discovered just weeks ago in bitcoin’s code has been exploited – albeit on a lesser-known cryptocurrency.

The developers behind the pigeoncoin cryptocurrency confirmed the exploit to CoinDesk on Tuesday, reporting that an unknown miner successfully took advantage of the bug on September 26th, showcasing in the wild how it could have been used on bitcoin by printing 235 million coins worth about $15,000.

That’s because while the severe inflation bug was patched on bitcoin, other coins that have borrowed bitcoin’s public code over the years are still vulnerable (if they haven’t corrected their code). If exploited, the bug gives an attacker the ability to print as many coins as they want, going even above the hard-coded limitations on supply cryptocurrencies often have and decreasing the value of all the other coins investors hold.

Set apart by its X16r mining algorithm, pigeoncoin is not exactly a big cryptocurrency, not even ranking in the top 1,000 in terms of how valuable it is compared to others on CoinMarketCap. Still, the attack may be no less impactful on its efforts to use a blockchain to “end abusive data collection.”

With a total supply of 970 million pigeoncoins, the attacker was able to print an amount equal to one-fourth of all publicly traded pigeoncoins, prompting one of the only exchanges to support the currency, CryptoBridge, to temporarily suspend trading while developers moved to enact a fix.

After the inflation was detected, developers of the coin quickly released a software fix borrowing from the code bitcoin developers put out a couple of weeks ago. “Pools and exchanges must upgrade immediately to resolve a double-spend exploit derived from bitcoin source,” the notes for the fix explain.

But while users might not particularly care about what happens to the little-known coin, the exploit has wider implications for the cryptocurrency world.

Cryptocurrency developer Scott Roberts argued that the main takeaway from this event is that the bitcoin bug was really as bad as it sounded:

“Mainly it’s just nice to know for sure by this example that coins in the wild were really vulnerable. It was not just some vague theoretical problem.”

What’s next

Now the bug is fixed, observers are wondering what the attacker will do and whether he or she will successful be able to trade their gains for fiat money. In order to do so, the attacker most likely will need to convert their pigeoncoin into another cryptocurrency that’s more widely accepted.

“Many of us are now waiting to see what happens with the hacked coins and if there’s going to be a dump soon,” pigeoncoin developer Michael Oates told CoinDesk.

The community is following the events closely in the pigeoncoin Discord chat channel. “My guess is the funds won’t move for a few days. It would be stupid to try and move them all at once,” Oates added on Discord.

The other big concern is, if pigeoncoin was attacked, what about other coins that have cloned bitcoin’s code?

“It would be interesting to see how many coins suffered an attack due to [the] bug,” Roberts told CoinDesk, adding that pigeoncoin is the only one he knows has been exploited so far.

Still, Roberts added that many cryptocurrencies, such as bitcoin gold and litecoin, have now upgraded, so hopefully the same attack won’t be executed on other coins.

He concluded:

“It looks like most coins have already updated, so it’s not likely to be a problem.”

Pigeon image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Credit: Source link

Tags: Crypto TechDigital Currency GroupForkmedia outletminingScott Roberts
Share76Tweet48
Previous Post

$90 Billion Santander Bank Partners with Ripple Labs

Next Post

St. Louis Fed VP: A Private Crypto Could Solve the ‘Triffin Dilemma’

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
St. Louis Fed VP: A Private Crypto Could Solve the ‘Triffin Dilemma’

St. Louis Fed VP: A Private Crypto Could Solve the 'Triffin Dilemma'

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,725.003.28%
  • ethereumEthereum(ETH)$1,637.794.56%
  • tetherTether(USDT)$1.000.16%
  • binancecoinBNB(BNB)$317.774.27%
  • rippleXRP(XRP)$0.4145231.53%
  • cardanoCardano(ADA)$0.3952093.53%
  • dogecoinDogecoin(DOGE)$0.0899482.47%
  • matic-networkPolygon(MATIC)$1.173.46%
  • okbOKB(OKB)$39.632.21%
  • solanaSolana(SOL)$26.149.31%
  • polkadotPolkadot(DOT)$6.603.89%
  • shiba-inuShiba Inu(SHIB)$0.0000122.54%
  • litecoinLitecoin(LTC)$97.0410.10%
  • tronTRON(TRX)$0.0639131.88%
  • daiDai(DAI)$1.000.06%
  • cosmosCosmos Hub(ATOM)$13.845.65%
  • chainlinkChainlink(LINK)$7.383.33%
  • leo-tokenLEO Token(LEO)$3.69-2.09%
  • moneroMonero(XMR)$185.600.68%
  • ethereum-classicEthereum Classic(ETC)$22.634.62%
  • bitcoin-cashBitcoin Cash(BCH)$137.314.62%
  • stellarStellar(XLM)$0.0935981.12%
  • crypto-com-chainCronos(CRO)$0.0822971.67%
  • filecoinFilecoin(FIL)$5.495.43%
  • algorandAlgorand(ALGO)$0.2617382.30%
  • vechainVeChain(VET)$0.0245482.57%
  • internet-computerInternet Computer(ICP)$6.234.06%
  • aaveAave(AAVE)$87.955.11%
  • eosEOS(EOS)$1.112.41%
  • elrond-erd-2MultiversX(EGLD)$45.141.75%
  • theta-tokenTheta Network(THETA)$1.113.56%
  • tezosTezos(XTZ)$1.176.53%
  • paxos-standardPax Dollar(USDP)$0.99-0.26%
  • bitcoin-cash-svBitcoin SV(BSV)$44.222.79%
  • huobi-tokenHuobi(HT)$5.140.86%
  • havvenSynthetix Network(SNX)$2.45-0.29%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.133.68%
  • iotaIOTA(MIOTA)$0.2405561.91%
  • dashDash(DASH)$57.7514.39%
  • zcashZcash(ZEC)$47.385.47%
  • makerMaker(MKR)$667.963.12%
  • neoNEO(NEO)$8.392.83%
  • zilliqaZilliqa(ZIL)$0.0293940.59%
  • basic-attention-tokenBasic Attention(BAT)$0.2734195.64%
  • compound-governance-tokenCompound(COMP)$56.030.89%
  • nemNEM(XEM)$0.0398253.69%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$36.841.45%
  • bitcoin-goldBitcoin Gold(BTG)$17.792.04%
  • qtumQtum(QTUM)$2.713.35%
  • wavesWaves(WAVES)$2.72-0.32%
  • sushiSushi(SUSHI)$1.344.83%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,716.963.74%
  • golemGolem(GLM)$0.2474370.89%
  • omisegoOMG Network(OMG)$1.534.48%
  • ontologyOntology(ONT)$0.2192962.70%
  • digibyteDigiByte(DGB)$0.0109723.23%
  • umaUMA(UMA)$2.121.53%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%