February 19, 2017 By Pierluigi Paganini
A hacker exploited an implementation bug in the source code of the Zerocoin currency scheme to steal ZCoins worth $585,000.
“Zerocoin is a project to fix a major weakness in Bitcoin: the lack of privacy guarantees we take for granted in using credit cards and cash.” reads the description on the project.
Zerocoin cryptocurrency protocol is designed to implement anonymity of transactions that take full advantage of “Zero-Knowledge proofs” to ensure the complete financial privacy of users.
According to an announcement published on the project website the bug was exploited by a hacker to create Zerocoin spend transactions without a corresponding mint.
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