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Bitcoin Lightning Network Security Vulnerability Disclosure Has Been Released

  • 📰 News

    More details emerge about the Lightning Network security vulnerability with users being advised to update their nodes ASAP

Cover image via news.u.today
Contents

Blockstream’s Rusty Russel has released the disclosure of a crucial Lightning Network (LN) vulnerability that could lead to a loss of funds.

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It’s high time to upgrade nodes  

LN is a layer-2 protocol that allows creating payment channels between two parties. The information about their transactions is later recorded on the Bitcoin Blockchain.  

Since there is no requirement to verify the funding transaction output, bad actors could spend funds in a channel without notifying the other party. After attempting to close the channel, it will become apparent for the victim that these transactions were invalid.  

Once the funding transaction is seen, peers MUST check that the outpoint as described in `funding_created`[1] is a funding transaction output[2] with the amount described in `open_channel`[3],” the disclosure states.

Those LN users with version 0.7 and below have been advised to update their nodes as soon as possible given that they can be still susceptible to potential attacks.

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Not a suitable solution

During the peak of crypto hype in December 2017, it was obvious that Bitcoin wasn’t able to handle a large number of transactions. The scalability problem gave birth to the off-chain solution, but it failed to live up to the expectation.

Some Twitter users point out that the recently discovered vulnerability is the reason why LN will never see mainstream adoption.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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