Major Bitcoin Lightning Network bug and solution

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In the latest, a new Bitcoin Lightning Network bug has been revealed by the developer and the solution to it as well.

Bitcoin Lightning Network is a layer two (2) payment protocol operating over the Bitcoin (BTC) network, that allows users to perform inexpensive and fast Bitcoin transactions. The network has recently been reported to have a bug.

Bitcoin Lightning Network Bug

The bug was revealed by one of the network’s developers. The bug permitted hackers to drain or unload funds owned by Bitcoin customers.

A Blockstream developer, Rusty Russel revealed the details about the network’s bug on Friday, after reporting about the bug on August 30. The details were revealed so that the network would be amended.

The developer also posted a solution on the mailing list of the network’s developers, inscribing that the majority of the applications that are being run on the network have been amended.

Computers running on the network did not always check if the correct channel was opened by the transactions, which caused hackers to illicitly claim that they opened the correct channel by paying a lesser amount, or no amount at all.

The attackers would fool the victim by making them think that they were getting funds from the attacker. Due to which, the victim may even continue to perform transactions over the channel, which would allow hackers to drain funds without the users knowing until they try to close the channel.

Despite the constant attempts to keep it low-profile, Rusty Russel’s post stated that an attacker tried to drain funds while exploiting the network’s bug on September 7 although it is still unknown if the hacker successfully drained the funds or not.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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