Zcash Flaw Revealed, Could Have Led To Widespread Counterfeiting

Crime, Investing, News | February 6, 2019 By:

Privacy coin Zcash said that it has fixed a major vulnerability in its code that could have been exploited for infinite counterfeiting.

The flaw was discovered last year, but first revealed Tuesday. Zcash cryptographer Ariel Gabizon noticed the bug in its zk-SNARKS code, used to shield balances and user identities. The Zcash team did not immediately reveal the issue, but set to work on a fix that was implemented last October.

No one knows if the flaw was discovered by a rogue hacker and exploited. The coin has its fans in the privacy community, including NSA whistleblower Edward Snowden, and is carried on several major exchanges.