Connect with us

Altcoins

TRON (TRX) Blockchain Threatened by a Lone PC

Published

on

TRON (TRX)
READ LATER - DOWNLOAD THIS POST AS PDF

TRON (TRX) has been one of the most innovative and modern projects in the entire crypto/blockchain space, and as such, it received a lot of praise during the past year. However, according to new data delivered by HackerOne, it appears that the network is not as flawless as it first appeared. In fact, the entire network could have been crashed by a single PC.

Bytecode attack that could have crashed the entire network

Since it was discovered, the vulnerability was dubbed the ‘bytecode’ attack. Simply put, this method requires the use of a large piece of bytecode that has the potential to consume TORN network’s resources, and potentially even completely shut it down, thus making it unable to process transactions or smart contracts.

The report claims that a single request to submit a post with a several megabytes-large bytecode, in addition to the CPU-intensive long parsing might have consumed the CPU for 10 minutes, while still holding the bytecode in a heap. The method could have easily led to a DDoS attack.

The TRON Foundation allegedly knew that there is some sort of a vulnerability, which is why they paid $1,500 to security researchers, tasking them to find it. At this point, the flaw appears to be resolved. However, the revelation remains shocking, especially for those involved with the cryptocurrency.

The issue was seemingly first reported around January 13th of this year, but TRON did not reveal it to the public until less than a week ago, on May 2nd. The Foundation used this span of a few short months to patch the bug, most likely with TRON’s latest version, issued about a month ago, on April 9th.

The report of the bug stresses the fact that a single computer could have caused a DDoS attack that would affect at least 51% of the network’s nodes. At worst, all of them would have crashed, thus making the network unavailable for an unknown period.

The blockchain-crashing bug worth only $1,500

So far, the TRON Foundation has not issued an official report of the matter, despite its severity and a massive impact on everyone involved. Of course, TRON is known for using platforms like HackerOne for hunting bugs, and many other crypto projects are doing the same. So far, it is estimated that various projects have paid around $878,000 to white hat hackers who managed to locate serious flaws that might damage different projects.

While $1,500 is a considerable amount, many believe it to be quite small, considering the size and severity of the flaw. If it were discovered by an unfriendly entity, it could have completely crashed one of the most popular and fastest-advancing blockchains in the industry. Estimates claim that the TRON network currently has the value of around $1.6 billion, while the project sees a daily trading volume of around half that amount.

While TRON’s price has not been a top performer in the recent period, it would have likely gone down considerably if the vulnerability was discovered by hostile entities. Not to mention other consequences, such as getting delisted on exchanges, or damaging the total market cap and reputation of the rest of the crypto space.

However, it should be noted that the flaw would not let anyone steal TRX coins, and the only way for hackers to profit from it would be from shorting after the network had crashed. Even that would be difficult, as not a lot of exchanges offer margin trading for altcoins. In other words, the only way to make a profit from the bug was to report it and get the $1,500 reward.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Andri from Pexels

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Can Libra help the crypto industry to reach new heights?

Published

on

Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
READ LATER - DOWNLOAD THIS POST AS PDF

The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

Continue Reading

eToro