Zano Rewinds Blockchain 30 Days After $200M+ Exploit

Zano Executes 30-Day Blockchain Rewind

The Zano project has completed a 30-day blockchain rewind to address a vulnerability exploited by an attacker. A postmortem released by the team details how approximately 18.4 million ZANO were illicitly minted in a single transaction, and the exploit was subsequently repeated with fUSD, a stablecoin within the Zano ecosystem.

The root cause was identified as a missing verification process within Gateway Addresses. This allowed the attacker to bypass standard protocol controls and create tokens without authorization. The initial exploit went undetected for nearly a month before being discovered by the Zano team.

The total value of the illicitly minted tokens exceeds $200 million, based on current market valuations. The decision to rewind the blockchain by 30 days effectively nullifies the fraudulent transactions. While drastic, the team considered it the most secure method to restore the integrity of the network.

Zano is a privacy-focused cryptocurrency utilizing the zPoW mining algorithm. The project emphasizes anonymity and untraceability in transactions. The incident highlights the ongoing security challenges facing even privacy-focused blockchains.

Source: Bitcoin.com News