OpenZeppelin developers Found And Patch Bug In The Code of Libra Stablecoin

The developers working for startup OpenZeppelin (a third-party audit firm specializing in cryptocurrency) have found vulnerabilities in “Move.”

For those who don’t know “Move” is a scripting language used by Facebook, for its open-source Libra cryptocurrency project. The project is supported by several big names who are interested in cryptocurrency, Facebook, Lyft, Uber, and MasterCard are some of them.

Talking about the vulnerabilities, Demian Brener CEO of OpenZeppelin said, On August 6, the code was disclosed with the Libra team. The evaluation and fixing of the bug took place over the following month. As of now, it’s September 4, the patch was reexamined by the OpenZeppelin and confirmed to be fixed.

Brener continued and said, “The vulnerability that we found in Move IR compiler allows malicious actors to inject executable code to their smart contracts which will display as inline comments.”

If the code executed before patching the vulnerabilities, it could have been a severe problem for the Libra team. Luckily, the team of developers working for OpenZeppelin has found the vulnerability in the code and fixed it as well.

Libra’s stablecoin is different from all the other cryptocurrency available in the market. It will have several programmable features; the ability to make smart contracts is one of these programmable features. Though, the full features of these smart contracts still have to be disclosed by the team.

By fixing this bug, Libra might have secured their status in the market, but the increasing competition has made it hard. Telegram is all set to launch its Gram cryptocurrency by October. This seems like another bad news for the Libra Stablecoin, as we all know Telegram can beat Facebook’s Libra coin in the market.