A severe Bitcoin bug that has been discovered weeks ago, is now reportedly affecting other coins that are based on Bitcoin code. With pigeoncoin being one of the first to take a hit, which coin might be the next?
3 October 2018 – A serious bug that was discovered some weeks ago in Bitcoin’s code has eventually been exploited. Yet, it was put to work on a lesser-known cryptocurrency, dubbed pigeoncoin.
Attacker Prints 253M Pigeoncoins
The development team of pigeoncoin confirmed the fact of the exploit to one of the online media outlets earlier this week. The team reported an unknown attacker successfully took advantage of the bug on September 26. He showed how the bug could have been used on Bitcoin code by printing 253 million coins worth around $15,000.
The severe Bitcoin bug was patched on the network earlier, but other coins that are running on Bitcoin’s public code are still vulnerable. In case a bug is exploited, it enables an attacker to print as many coins as they want.
Pigeoncoin runs on its X16r mining algorithm and it is not a major cryptocurrency yet. However, the attack is not less impactful in terms of its efforts to utilize a Blockchain to “end abusive data collection.
Pigeoncoin features a total supply of 970 million coins. The attacker was able to print an amount equivalent to one-fourth of all publicly traded pigeoncoins. This caused the only exchange supporting pigeoncoins, CryptoBrindge, to temporarily halt trading, thus giving developers some time to fix the bug.
After the exploit of the bug was spotted, pigeoncoin developers released a software fix that is based on the code Bitcoin developers shared two weeks ago. The notes from developers explain:
“Pools and exchanges must upgrade immediately to resolve a double-spend exploit derived from bitcoin source.”
Can this bug affect other coins?
However, while users might not particularly be concerned about this unpopular coin, the bug features bigger consequences for the cryptocurrency world. One of the developers, Scott Roberts, has been quoted by one of the online reports as saying:
“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.”
He noted that the key takeaway from this event is that the Bitcoin bug was quite severe.
Now, once the bug is fixed, market participants are curious how the attacker will use his/her coins. In order to trade these coins for fiat money, the attacker will most likely need to convert their $15,000 worth of pigeoncoins into another cryptocurrency.
Pigeoncoin developer Michael Oates has been quoted as saying:
“Many of us are now waiting to see what happens with the hacked coins and if there’s going to be a dump soon. My guess is the funds won’t move for a few days. It would be stupid to try and move them all at once.”
Another big question is that now, as pigeoncoin was attacked, can other cryptocurrencies be impacted?
Roberts believes that it will not most likely be a problem since most of the coins have already updated their codes.
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