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Pigeoncoin suffers from bitcoin blockchain bug exploits, 235 million artificially produced tokens

Pigeoncoin suffers from bitcoin blockchain bug exploits, 235 million artificially produced tokens

A major bug in the Bitcoin code has been discovered and exploited recently. However, you can be calm if you are a Bitcoin holder because you are not in danger. The bug was used only to exploit a less known currency called Pigeoncoin.

The developers behind Pigeoncoin declared that an unknown miner used the bug on September 26 to print 235 million pigeons. Together, these tokens amount to $ 15,000 USD, less than 3 Bitcoins.

While the bug was patched on Bitcoin, some coins that simply took its code did not, which made them vulnerable if they did not correct their code. The bug gives an attacker the ability to print as many currencies as possible. You can even go over hard coins by doing it. This often generates inflation and decreases the value of tokens.

Separated from Bitcoin using the mining algorithm X16r, Pigeoncoin is not positioned even in the Top 1000 cryptos, but creating so many tokens (the maximum limit of the token is 970 million coins), the attacker pushed one of the only exchanges to accept the token, CryptoBridge, to suspend the trading of these tokens while the developers try to solve the problem.

Immediately after inflation was detected, the developers released a correction borrowed from the BTC team and urged the pools and exchanges to make the upgrade immediately. The main problem that can be drawn from the situation is that Bitcoin was really very vulnerable previously.

After the attack

The Pigeoncoin community is waiting for the hacker to unload his coins. People talk about the event on the Discord channel and there's a consensus that probably the money will not be downloaded all at once because it would be too easy to track down. For this reason, it is expected that the attacker will slowly use the money and turn them into fiat.

Another important concern that many people have is that other tokens may be affected by this problem, since this case is the only one known so far. Fortunately, other important coins like Litecoin have already been upgraded, so they will not be prey of the same type of attack.

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