Zcoin, a cryptocurrency that focuses on anonymity and privacy with the implementation of the Zerocoin protocol, released an official statement pertaining to the Zerocoin vulnerability discovered by the team. The announcement stated that the vulnerability was found in the protocol itself and that it had affected all Zerocoin implementations.

Zerocoin protocol was first introduced as an extension to the Bitcoin protocol. This protocol was proposed by Matthew D Green, a Professor at John Hopkins University, to improve the anonymity of Bitcoin transactions.

The announcement read,

” We disclosed the part of the Zerocoin proof that was flawed to the above mentioned  teams and how the forgery worked on a high level. We also informed Ian Miers, one of the authors of Zerocoin who also disclosed it to Matthew Green”

The report further stated that the vulnerability had resulted in the creation of a “forged coin”, which amounts to below 1 percent of the Zcoin’s circulating supply. It was not a code flaw, but a cryptographic flaw “in one of the proofs in the Zerocoin protocol” that has been present since the very beginning. This means that any project that has implemented the Zerocoin protocol could be susceptible to an attack as well.

This vulnerability has resulted in the project’s team deciding to opt out of the protocol and shift to Sigma, with the Mainnet transition timeframe noted to be around six weeks. The report stated that further details on the cryptographic flaw would be released later on, including the number of coins forged.

Source: Zcoin

Florian, a Bitcoin Maximalist, said on Twitter,

“A new vulnerability fundamentally breaks zerocoin security. Watch out for any zerocoin related announcements in the next few days. Don’t trade OTC. PIVX, VEIL, ZCOIN and many more projects affected. It’s estimated that this can’t be fixed.”

The user further added,

“Feel free to scream fud. I’ll make a mental note and get back to you in a month when we have all the details and actually understand the full impact. My educated guess is that it’s bad. Really bad. Happy to be wrong, but I doubt it.”

The post Zcoin encounters vulnerability in Zerocoin, results in forged coins below 1% of circulating supply appeared first on AMBCrypto.

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