Are privacy coins no longer safe?


On September 1, 2023, the digital currency community received worrying news when the Monero team disclosed a security vulnerability targeting its Crowdfunding System (CCS) wallet.

In a sophisticated cyber theft, hackers stole the wallet’s entire balance of 2,675.73 XMR, equivalent to approximately $384,000. The specific method used by attackers to penetrate the wallet is unclear, causing widespread concern among users and investors.

(PSA)CCS wallet incident
go throughu/plough PrintMonero

The incident attracted attention not because of the huge amounts involved, but because of the anonymity-centric nature of Monero, which prides itself on providing anonymity in transactions.

Leading blockchain security company SlowMist has released an initial statement indicating that the Monero privacy model itself is unlikely to be a point of failure. Instead, the vulnerability may be located somewhere in the system.

According to Moonstone Research, the attacker executed a series of nine transactions to drain the CCS wallet. Subsequent analysis aimed at tracing the flow of stolen XMR revealed a degree of traceability, a surprising result given the obfuscation of transaction details.

Moonstone Research’s initial investigation found that one transaction had 17 input enotes and 11 output enotes, and due to its unique structure, the transaction was flagged as a “poisoning” operation. Analysts see this as key evidence that the transaction was highly unlikely to have been carried out by anyone other than the attackers.

In light of these developments, questions have been raised about Monero’s security. Security experts say that the core security mechanisms of cryptocurrencies remain strong; however, this vulnerability highlights an important reality: no system is completely immune to threats. The CCS wallet theft highlights the importance of operational security and the need for constant vigilance in protecting wallets and cryptocurrency-related systems.

As of this writing, the XMR native token price is hovering around the $170 mark.

Source: TradingView

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