According to a recent official announcement by the developers of Monero team Project, this bug was reportedly discoveredwhena community memberreporteda web attack on the XMR subreddit. The bugsupposedly effectmerchants and organizationswithin theXMRpace,enablinganoffenderto triggervital damage. Thewebpostadditionallydescribes how this bug would be exploited:
“Anoffenderinitiallygenerates a randomnon-publictransactionalkey. Thereafter, they modify the code tosimplyuse thisspecificnon-publictransactionalkey,thatensures multiple transactions toan equivalentpublic address (e.g.an exchange’s hot wallet)aresent tosamestealingaddress.Later, they send, say,a1000 transactions ofone XMR toanexchange.As a result ofthe exchange’swalletdoesn’twarn for thisspecificabnormality (i.e. funds being received on the samestealingaddress), the exchangecan, as usual, credit theattackerwithone thousandXMR.”
While Monero notes that theoffenderwouldn’tbeable todirectly accruefinancialgains with suchanattack, “thereare probablymeans to indirectlyprofits.”
Following the attack, the offender sells the XMR for Bitcoin [BTC]andwithdraws the BTC. As aresults ofthe attack, the exchange is left with 999 unspendable or “burnt” outputs ofoneXMR.
Notably, the bug has not affected the protocol neither itssupply. Monero developerslatercreated andenclosed a patchwithin thecode,thatwasproclaimedvia XMR’s official Twitter account:
XMR,thatclaims to bea non-publicand untraceable cryptocurrency, was the target offallaciousactivitieswithin thecrypto paceantecedently. Earlier this month, the MEGA Chrome extension was compromised,that allowed cybercriminals to steal users’ Moneroadditionallyalong with personal information.
Earlier in June, a reportrevealedby security companyPaloNetworks found that aroundfivepercentof all XMR in circulation at the time wasminedmaliciously. XMR reportedly hasanexcellent monopoly on the cryptocurrencies targeted by malware, witha completeof $175 Mlnminedmaliciously.
Monero ispresentlythe tenth largest digital currency, with acapitalisationof nearly $1.92 Bln with acirculating supplyof over16.43Mln. At reporting time, XMR is trading at a price of around $113.58 USD.