A lot of people investing in cryptocurrencies are not doing their research to understand what they are getting into. Most of it is simply following the mob and buying into the hype. In fact, this explains the number of cryptocurrencies today. There are more than 1,800 cryptocurrencies many of which don’t actually have any use. Apart from the lack of utility, it is also alarming how some cryptocurrencies are actually vulnerable.
There were already reports of 51{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} attacks going after the entire network. As for top cryptocurrencies such as Litecoin, this isn’t a problem at all. However, lesser-known cryptos are vulnerable to these things.
Bounty Hunting
EOS is another cryptocurrency that is plagued with technical problems. It has already been reported that Guido Vranken, who is a security researcher, who was able to take $120,000-worth of bounty by finding a good number of vulnerabilities within EOS. And if you think that he cleared everything, it seems that the nightmare is actually far from over.
According to Vranken, the problem that he discovered recently has something to do with “unbounded recursion in Binaryen WASM parsing”. How bad is this problem anyway? It only means that unbounded recursion happens when a function that calls itself from within repeats itself in a loop and until the computer runs out of resources. Now, this means that if someone compiles web assembly (WASM) using Binaryen compiler, their computer could easily go out.
With 10 vulnerabilities found, Vranken was able to get a huge amount of money from the cryptocurrency. And unfortunately, he is still not sure if he already cleared everything. However, there seem to be more problems popping out.
Chinese security firm Qihoo 360 already discovered a number of potential problems on EOS in May. And the glitches could actually cause some serious problems along the way. The glitches could allow hackers to have an access to the network’s nodes. And this means it can compromise the entire EOS blockchain.
Delayed Launch
Initially, with a $4 billion budget, EOS was supposed to be launched on June 2. Unfortunately, problems caused the delays. And because of the severity of the problems, it is worth taking a closer look. And when EOS finally launched on June 10, the cryptocurrency remains locked up. And why exactly? There is a need to elect 21 block producer candidates. And days after the launch, the voting hasn’t been completed yet. In fact, it hasn’t reached 10 percent mark.
Investors will have to use their respective private keys for staking the coins. This can create problems mainly potential risks of losing all their funds. If there is one thing that is clear, it is the fact that EOS problem is not really something that can be solved any time soon. In fact, you can expect it to get worse.
Sophisticated Hacking
One of the things that make the crypto industry tricky is the fact that there are many hackers that are very knowledgeable in taking advantage of these vulnerabilities. In fact, a South Korean crypto exchange was hacked recently that spiraled the price of cryptos further down.
