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Team Of Livecoin Claims Loss Of $1.8 Million Due To Monero Code Error

Published: 04/08/2018
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What is it for?

The team of the Livecoin crypto exchange has reported significant losses because of the Monero system code bug, ForkLog reports referring to the appeal of the trading platform representatives.

 

Incorrect transactions began to appear on the stock exchange on July 20. The transaction amount automatically increased a hundred times during such operations. The report said that the platform losе $1.8 million, or more than 15,000 XMR.

 

Livecoin developers were furious because the Monero team had not notified the team of the crypto exchange about possible malfunctions. According to them, information on changes in the system appeared on the official Monero blog only on July 26 and was not marked as «emergency» or «urgent». Vise versa, according to Livecoin experts, it was noted that just another ordinary node update was made.

 

The members of the crypto exchange's team wrote an official letter to the Monero company. They replied that if Livecoin ignored the update to version 0.12.3, it was likely that the amounts might not be displayed correctly. It is not yet known whether the losses of the exchange will be compensated.

 

As previously reported, the Monero team had created the HackerOne project, which tested the system errors, and hackers managed to find a few loopholes in the XRM code.

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  1. Rebekka Simpson:
    08/06/18 at 10:16

    I think hackers will manage to find many loopholes in everything.