A new warning is in today’s crypto news – posted to the Monero subreddit in regards to the Monero version 0.14 and Ledger 1.1.3 because of a bug which has apparently changed transactions. According to one user and his claims, he has lost 1600 of his Monero altcoin savings which is worth about $83,000 at press time.
Even though there is still no proof for this claim, the user said:
“I didn’t get it back. I restored my seed on another Ledger and the balance was still 0.”
Another user warned other uses because of potential “ledger crypto developer” issues, stating:
“Do not use Ledger Nano S with client 0.14 until more information is provided.”
Currently, there are a few primary transaction models in the world of cryptocurrencies. While Ethereum and other cryptos use the “account” model where a single address deducts and credits other addresses – Bitcoin, Monero and many other cryptos use “unspent transaction outputs” (UTXO) which credit new transaction.
For example, if you have received 2 deposits of 1 BTC each and want to send 1.25 BTC to an exchange, Bitcoin will deduct one UTXO and .25 from the other. The remainder will move to a “change” address within the same transaction.
The change address will be generated based on the private keys of your wallet. Most of the wallets nowadays generate hundreds or more addresses and one of them is randomly chosen so that you can receive the “change.” In that manner, you wallet balance is .75 BTC minus the transaction fee to send the 1.25.
This is how Monero works too. According to one Redditor, a single unspent output of 1600 would create two transactions unless the whole balance was sent: 1 “outbound” and one “inbound.”
According to one user:
“If that 1600 XMR is there as a single output, there is no other way than to split it and put most of it into change: You try to transfer out 0.001 XMR, all 1600 XMR will go out, and a change tx of 1599.999 should come back to you. […] That’s not a Monero problem by the way, that’s just the way most cryptocurrencies work in general, so if this freaks you out, maybe it’s back to PayPal.”
It is still unclear if the user’s coins are actually “lost” or are not just syncing properly.
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