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Beam Finds ‘Critical Vulnerability’ in Its Wallet, Urges Users to Uninstall App

Distributed Summary:

  • Privacy coin project Beam tweeted that its dev team had identified a vulnerability in its wallet, before an outside source had been able to exploit it
  • Follow-up tweets urged users not to delete data but to uninstall the Beam wallet app and reinstall a patched version
  • Some commenters on Twitter noted project concern around the message

In a disturbing development for the cryptocurrency space, Beam has discovered a bug in its wallet.

The company’s official Twitter account broke the news, claiming that its dev team was able to identify the vulnerability before any outside source was. Although this would mean that no one’s data has been compromised yet, the company’s finding meant that a breach could happen at any time.

Beam is a recently established token, the very first to launch with the Mimblewimble protocol, with an emphasis on privacy and security for users. Whatever the specific nature of the vulnerability may be, the company specified on Twitter that it affected all wallets on desktop and command-line interface.

On Twitter, Beam claimed that “the vulnerability does not affect wallet data, secret keys or passwords,” and it urged users not to delete their database or any other data. Nevertheless, it detailed several steps that “all Beam users are REQUIRED to follow … IMMEDIATELY.” These measures include immediately halting all activity on Beam wallets, then completely uninstalling the app and downloading a new version.

The team later released an update to the situation on Medium, which took a less alarmist tone than the tweets. The post claimed that “the vulnerability has been fixed immediately.”

Although the team was able to release a fix before any major problems occured, the haphazard nature of this announcement and specific demands upon customers have upset users. Several commenters on the original tweet noted amateurism in the warning’s hysterical tone.

Bitcoin Now Available Through Coinstar Kiosks Nationwide

Distributed Summary:

  • Coinstar and Coinme team up to offer bitcoin-for-cash transactions at grocery stores around the country
  • Twitter users have shared photos of the on-screen process

Here Come the Three Bears

Joseph Lubin Joins ErisX

Distributed Summary:

  • The founder of ConsenSys joins the board of ErisX, a spot and futures crypto asset platform
  • Could precede additional assets becoming available on the platform
  • Signals potential optimism for 2019 crypto asset market

Legislation From Wyoming Could Enable Blockchain-Based Stock Certificates

Distributed Summary:

  • Bipartisan bill would allow corporations to use blockchain tokens as their only form of stock certification
  • Comes on the heels of other pro-blockchain legislation passed in the state
  • Successful implementation under these blockchain-friendly laws may change legislation elsewhere