Monero Privacy token (XMR) creators discovered a bug in the system that makes it impossible to keep the transaction private. Monero’s official Twitter account warned users that there was a important error in Decoy’s systems. Justin Berman was the first to notice the error. Justin Berman found that if a user released their XMR tokens after receiving them (20 minutes), their transaction would likely be identified as authentic.
Monero tried to reassure the community, but it had a huge impact on them. Many users were concerned about their privacy and vulnerability.
Developers advised users not to worry as the error does not reveal any amount or address, and funds are not vulnerable to theft. It does not affect funds received after 20 minutes.
Monero developers said they were working to fix an issue in a future portfolio software upgrade and that a hardfork will not be necessary for this. Monero users are advised to wait at least an entire hour before they send their coins.
The developers also said that Monero Research Lab takes this issue very seriously. You can find the bug information on Github and the Monero forum.
Remember that the anonymous cryptocurrency Monero discovered nine security flaws in summer 2019. One of these vulnerabilities could have allowed hackers to steal XMR from cryptocurrency exchanges.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.