The development team behind Zcash which is considered the most privacy-focused cryptocurrency with a market cap over $270 million, has fixed a critical security flaw secretly by cryptographer Ariel Gabizon and we are about to find out more in today’s crypto news.
Zcash said that the vulnerability that was extremely subtle didn’t pose a threat to the network nor to its anonymity but could have been manipulated by hackers in order to create an unlimited amount of a counterfeit type of Zcash.
If someone else discovered the flaw in the network, he could have asked for potentially millions of dollars from the users and could have further damage the market’s trust in the privacy-oriented coin.
With millions of dollars being exposed to theft, Zcash remained silent about the flaw and chose to only notify Komodo and Horizen which are the two most coins that employ flawed cryptography. The team managed to fix the issue which earned their praise from Edward Snowden.
He praised the team for discovering the flaw and taking the right steps to fix it while at the same time protecting millions of dollars worth of crypto. He tweeted:
‘’A lot of people wonder why I like #Zcash despite the Founder’s Reward. Here’s a reason: that tax funds a quality team that catches and kills serious bugs in-house, before they get exploited. Some other projects learn about bugs like this only AFTER people have lost money.’’
And he continued:
‘’Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.”
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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