Crypto Chronicle
  • Home
  • News
  • Possible Double-Spend Vulnerability on Exchanges Using Tether
Altcoin News

Possible Double-Spend Vulnerability on Exchanges Using Tether

four tether coins

It appears a cybersecurity firm has discovered a possible vulnerability in Tether (USDT) that could expose the cryptocurrency to a double-spend attack.

Chinese firm Slowmist announced today in a tweet that they had managed to send USDT to an unnamed exchange without having to enter correct values in certain fields on the transaction. In practice, this could result in an incorrect credit of tokens to individuals without needing to spend them.

An explanation for the error was provided by OmniLayer, the platform on which USDT was created. They believe a certain flag within the transaction was not properly set causing two transactions to be accepted and resulting in a double spend.

The world’s second largest exchange OKEx responded to the error by running some tests and assuring it is not susceptible to the vulnerability. It posted a statement on its website assuring users that their assets are safe. Popular blogger and crypto enthusiast CryptoMedication also weighed in on the issue, saying the problem could have serious implications as it could have been exploited “ad infinitum”. However, he adds, it seems to be an exchange rather than Tether issue.

In a further update on Reddit, the OmniLayer founder confirmed that the issue is at the exchange side and that so long as the transaction is marked as valid users shouldn’t have anything to worry about.

Image From Shutterstock

Related posts

Official South Africa Cricket Account Hacked, Offers Fake Bitcoin (BTC) Lottery

Neil Mathew

Taotao, the Yahoo!-backed Japanese Cryptocurrency Exchange Announces Official Launch Date

Mark Hartley

Singapore Launches Blockchain Trading Platform

Mark Hartley

Leave a Comment

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.