Zcash, the privacy-focused crypto platform, just got hacked. The blockchain is the victim of a spam attack that saturates the transaction blocks at a crazy rate. While investigations are underway to identify the sponsors, the trail of sabotage to tarnish the image of Zcash is taking more and more shape. This attack may surprise, especially since the crypto project makes a point of its flawless security with constant audits carried out by Electric Coin Company and Zcash.
The Zcash blockchain victim of a devastating spam attack
Zcash, the privacy-based crypto platform, may be worrying because a unidentified spammer disrupts the network with the stuffing of transaction blocks through an infinite number of protected transaction outputs. The crypto industry would have done well without this other attack which inflates the number of malicious acts by hackers this year. According to the latest information in our possession, Zcash did the verification of a block using four shielded transaction outputs, but the exploration could not clarify the cause of this spam attack.
The scale of the attack is not yet known, but dtwo out of five blocks would be attacked using protected outputs. If the motive for the attack is unknown, bax 1337 from Convex Labs understands that hackers are trying to discredit Zcash. To do this, they use failed nodes to discourage users. Thus, the blockchain becomes more vulnerable and exposed to eclipse attacks.
Suspicion hangs over rival blockchain Monero
Nothing is really official, but @igototokyo affirms without language of wood that the developers of Monero, a blockchain rival to Zcash, would be at the origin of this attack. As a reminder, Monero is a crypto project that also relies on privacy. Note that the Zcash platform uses ring signatures to preserve the identity of the people involved in a transaction. The role of ring signatures is simple, joining a sender’s signature to others in a transaction. It is therefore this combination that makes it possible to mask the identity of the sender.
To reinforce the security of its protected transactions, Zcash also uses the Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) crypto proof. Its use aims to convince the other party of the existence of a number for a hash, without mentioning the number in question. While waiting to verify whether this user’s allegations are true, the platform is seeking to strengthen its security to reassure its users.
This other attack in the crypto industry raises the fundamental issue of blockchain security. If we take into consideration the information relayed by the Zcash blog, Electronic Zcash and Zcash Foundation continuously carry out audits. They do this to get an overview of the level of security. That’s not all, since everything would be implemented so that the blockchain s‘adapted current and future uses via frequent updates. The proof at the start of the year, its update to Network Upgrade 5 allowed him to integrate Halo 2, an innovative system without recognition.
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