Responsive menu button

Ethereum bug triggers fork, prompts debate

A recent bug revealed in the Ethereum system has split its blockchain and opened the possibility of Ether tokens being counterfeited.

According to a Bloomberg report, software that was outdated triggered a fork in the digital ledger which underpins many blockchain-based financial services and transactions in online collectibles. Users are reported to have minimised the damage as they rapidly updated a key program and the deviant fork should wither, according to Joseph Lubin, founder and CEO, Consensys Systems, and Ethereum co-founder.

“This chain fork opened up a single minor vulnerability: a greater likelihood of perpetrating a double-spend and getting the money out of the system before it is corrected naturally by the protocol,” said Lubin.

Bloomberg reports that Lubin confirmed an attempt to exploit the bug, but the added the risk was mitigated by people making the needed updates.

Read more.

© 2023 Blockchain Ireland