A lot of viable lessons can be learned from the recent Fake Stake incident. Many altcoins were forced to issue emergency updates. Others knew the problem in advance and assured they are not vulnerable. For exchanges and service providers, a hectic period ensued. Situations like these illustrate why simply copying a coin’s code is always asking for trouble.
Updated Wallets Galore
When the Fake Stake incident become public knowledge, a lot of questions were raised. Nearly all masternode currencies are based on PIVX. Some even blatantly copy its code and slap on a different name. As such, all of these projects could fall victim to this exploit. It triggered an avalanche of altcoin wallet updates over the past few days. That response is exactly what people hoped to see.
Currencies issuing updates include Market Arbitrage Coin, Birake, BECN, Paws, LRM, and several others. The most important news is how a lot of projects also remain unaffected. Traffic Data Coin, ProxyNode, P2P Coin, Cronos, Yoke Chat, and others all confirm their ode is safe. This is positive news for the associated communities. It also shows some developers have taken proactive actions when developing their coin’s code.
Crypto-Bridge Resumes Most Trading Pairs
Following this incident, exchanges were forced to halt deposits and withdrawals for most markets. On Crypto-Bridge, normal trading is being resumed for the most part. A lot of markets are fully active once again. Some remain disabled until a wallet update or clarification regarding its status is provided.
What About PIVX?
Considering how Fake Stake primarily affects PIVX, one has to wonder how its developers are addressing the situation. So far, it seems an update is being tested. Once the necessary testing has been conducted it will be issued to the public. As of right now, there is no official timeline for this update as of yet.
For those who are concerned, all coins n the PIVX are safe. It is also important to stress this “bug” cannot cause double spends of any kind. It can, at worst, kick some masternodes offline by flooding them with data from a forked chain. So far, no incident of that sale has taken place. Investors can rest easy knowing none of their money can be lost in the process.
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and is not responsible for any financial losses sustained by its readers.