Justcoin Co-Founder Reports Flaw in Ripple Service

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Justcoin Co-Founder Reports Flaw in Ripple Service

ForexMinute.com – Justcoin CTO and co-founder Andreas Brekken recently took to his blog to inform users about a very serious flaw in the Ripple gateway. As per the given proof, the Ripple network is currently harboring a transaction flag, dubbed as tfPartialPayment, which transacts amounts far greater than what is originally entered.

“On Wednesday October 8th. At 16:22,” Brekken reported, “one of the Justcoin team members reported a massive move of digital money from and to Justcoin. We hit the big red switch immediately and shut down the whole site. We immediately informed both the Stellar Foundation and Ripple Labs. We do not yet know how many exchanges and gateways were attacked or are still vulnerable to the attack.”

He later acknowledged Stellar for fixing the problem in their network. Till then, there was no response from the Ripple team. There are reports of some coins stolen from one of the Justcoin wallets, for which the exchange has blamed Ripple and Stellar gateways.

What is tfPartialPayment?
This flag is no less than one of the most spoiled kids in a family of ten; nobody gives a damn how it behaves. Similarly, Ripple Labs have clearly overlooked the potential threat behind this “little” but “mischievous” kid, accused Brekken. “It’s like receiving a 100 USD bill with a little note in the corner that says “Actually just worth 1 USD.” Quite a metaphor!

We are now listing the screenshots of the “screenshots” posted by the Justcoin developer. Here it is:

justcoin

He further accused the Ripple Labs for allowing their gateway implementation, gateway, to function on the protocol, despite the fact that the same gateway was fixed two-months back. This case surely gives us a deep understanding about how risky a project can be, especially when it is still in its Beta phase. Cryptocurrency networks should be aware of such risks when huge money is involved.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

  • hey all, we’ll soon be publishing a whole report after understanding both the sides. kindly wait.