Monero developers fix deadly bug: XMR/USD still range-bound

• Monero bug issue was discovered before any damages were done to the network.
• XMR/USD stuck in a range below $106; the trend is slightly bullish.

Recently Monero discovered a vulnerability bug in the network. The bug, which has now been fixed could have opened the network and its forks to cybercriminal’s exploitation. The website stated that the buyer would have made it possible for scammers to withdraw funds from the Monero wallet while paying transactions fees only. The problem was discovered before any damage was done to the network.

Monero team went ahead to explain how devastating the bug would be for the network if it were to be exploited. In this case, a scammer would generate a private transaction key while at the same time modifying the code. This activity leads to a simultaneous conduct that involves various operations that affect the public address. Similarly, a hot wallet can also be used to carry out the same process. Consequently, the scammer would then send 1,000 transactions of 1 XMR to the exchange. When this happens the wallet does not generate a warning and the exchange moves to credit the scammer with 1000 XMR. To get cash, the hackers will then have to convert XMR to BTC before making a withdraw transaction.

Monero (XMR) price technical picture

Monero is locked in a range below the week-long trendline resistance. The declines in this week, have trimmed most of the gains achieved towards the end of the week. Monday, downward swings broken below the weekend consolidation levels around $120. The drop continued through Tuesday but the buyers nursed their wounds on Wednesday. Monero price has consolidated the losses above $110. The prevailing trend is bullish but the buyers lack a catalyst to sustain a pullback north.

Apart from the trendline resistance, $116 – $118 is a critical bear zone. The bulls must push for retracement above this range for $120 to be achievable in the near-term. On the other hand, $110 is the next support zone to the south while $104 will prevent dips towards $100.

XMR/USD 15′ chart