Mimblewimble Privacy Coin Beam Dev Affirms Vulnerability in Wallet Could Have Put Funds At Risk

The developers that work on a crypto called Beam, which is focused on being a privacy coin, have affirmed that they have discovered a critical bug that could have put their wallets at risk. Fortunately, the bug was uncovered last then and it was quickly patched up before anything happened.

Despite the fact that they fixed the issue, they affirmed that the vulnerability was very dangerous and that it could have allowed someone to create modified transactions that could send funds directly to them in an illegal way.

The CTO of the company, Alex Romanov, has explained that the SBBS system of the Beam wallets could be attacked and used to send encrypted messages that would cause them to send money to the attackers. The issue was specific to the app, though, and it was not related to Mimblewimble, the technology that Beam uses.

According to Romanov, the vulnerability was, in no way, caused by the underlying tech, it was a bug of the wallet, just that. However, it could have been exploited and caused many issues, so they deemed that it was a good idea to tell the community about it.

Initially, the team was vague about the threat to prevent opening attack vectors for people who did no upgrade yet. Now, some days after that, the team explained what the vulnerability was all about.

This decision was taken because people are not online all the time, so they needed some time to implement the new code and to be protected because bad actors generally try to exploit these things very quickly.

The Next Update

According to the Beam team, the team is gathering information about the current state of the program to make the new update. It is already in the works and will be relesed soon if it depends on the team.

Romanov affirmed that the team will take into account all the requests that the community has made and all that the team has found out in order to create the better use experience for the user. The new version will be the 1.0.1 version of Beam and it will have some quite important changes in how the software works and how transactions are handled.

He finished by affirming that there were a lot of learning curves and that the systems will be functioning in a much better way in the future as soon as the new update is sent out into the world.

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