A Bug Has Been Detected in Monero's Algorithm

A bug has been detected in Monero's algorithm. Monero, one of the privacy-focused cryptocurrencies, made a statement.

Monero, one of the privacy-focused cryptocurrencies, announced on its official Twitter account that a major error has been detected that has the potential to reveal users' real transactions. The error detected in Monero's "bait selection algorithm" was said to occur when the user spends their funds within about 20 minutes of receiving them. https://twitter.com/monero/status/1419852036913475587

There Was No Theft of Funds

In the official statement made by Monero, the following statements were included: “If users spend their money immediately after the lockdown period in the first 2 blocks (about 20 minutes after receiving the money) allowed by consensus rules, the output is likely to be identified as a real spend. This does not reveal any information about the transaction amount or addresses. There was no such risk of theft. The error continues to be experienced in the official wallet code." As it is known, Monero ensures that transactions are hidden by mixing worthless coins known as “mixins” into users’ spending. In Monero's statement, it was also noted that users can prevent the error by waiting at least 1 hour before spending until the bug is fixed in a new update to the wallet. The statement said: "Users can avoid this bug if they wait 1 hour or more before spending their newly received Monero until a future wallet software update will fix the bug. A full network update (hard fork) is not required to fix this bug." It was stated that the person who detected the bug was a software engineer named Justin Berman, and he was thanked with a tweet sent to him.