Livecoin Crypto Exchange Lost More Than $1,8 Million Because of Monero Code Vulnerability
Livecoin crypto exchange (daily trading volume – $25 million) announced that it met considerable losses because crucial bug in Monero code, allowing to manipulate transaction amounts. The total amount of the funds lost is 15108 XMR (more than $1,8 million).
According to the exchange, some incorrect transactions appeared on the exchange on Luly, 20th.
Livecoin representatives are upset by the fact that they were not informed about the danger, urgent update or necessity to impose restriction on acceptance/withdrawal of Monero.
The exchange’s representatives send an official request to the Monero developers’ team. The team said that if the exchange ignored all the notifications regarding update of nodes to version 0.12.3, the amounts of deposit could be displayed incorrectly. Up to date, there is no answer to the question regarding compensation.
Additonally, Livecoin exchange has stopped accepting and withdrawing XMR for an indefinite period of time. The timeframes of renewal will depend on negotiations with cryptocurrency developers.
Let us recall that it became known earlier that several vulnerabilities of Monero cryptocurrency were found within the framework of the program dedicated to search for bugs – HackerOne. One of them allowed the scammers to withdraw the amounts exceeding the initial deposit amount considerably. Among the other bugs there are an open vector for DoS-attacks the aims of which is creation of overload of Monero blockchain and vulnerability of the node, allowing to break down the nodes with the help of a script.