Bitcoin

Loopring quickly fixes a dangerous bug before causing damage

On May 7th, “Starkware”, the Specialist in blockchain data protection and scalabilitydiscovered a very dangerous security flaw on the interface of Looping, the well-known decentralized exchange protocol. This error endangers a $ 5 million Who owns the platform?

Starkware le alarmed Loopring that closed the platform and quickly fixed the bug.

Any criminal could have copied all of the user keys

The error is due to the fact that Loopring users have two keys. an Ethereum key and a personal key. But the wallet interface used a 32-bit integer to derive each user’s private key. This could have allowed a criminal Play every button on the platform.

Loopring quickly fixes a dangerous bug before causing damage
Loopring quickly fixes a dangerous bug before causing damage

After Starkware Loopring showed the bug, it became the platform immediately closed while you solve the problem.

Loopring users’ ether keys (ETH) They were not exposed to any risk of exposure.

Thanks a lot

Looping announced since then fixed the vulnerability by strengthening the method of producing key pairs. Also You have canceled the transactions from existing users until they change their passwords.

In return, they confirmed that The users’ money was not lost due to an errorand praised Starkware for the warning. Starkware in turn thanked Loopring for their answer. professional and punctual in error handling.

The fact that the bug was identified, reported, and repaired before the public discovered it shows the solidarity of the DeFi community (Decentralized Finance) and how it has developed in recent years.

Ross Middleton, CEO of DeversiFi, Who will soon launch a new platform in collaboration with Starkwareexplained the importance of it:

“If unguarded decentralized exchanges want to conduct an exchange like Binance and Kraken, then [deben] Show that your technology is as secure as your alternatives. The rapid detection of a loop ring error by heavy goods is an example of how strong DeFi has grown in vulnerability management. “

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