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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Former Google Engineer Uncovers 96% Of Privacy Altcoin Addresses

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
altcoin privacy crypto grin google

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Last week, privacy-focused crypto altcoin GRIN made news after the development team received a donation from an early Bitcoin whale interested in supporting future development of the budding technology built on a unique blockchain protocol called Mimblewimble, after Happy Potter lore.

Now this week, that whale may regret the donation, as a former Google engineer and computer scientist has discovered a new attack that “breaks Mimblewimble’s privacy model” and uncovers as much as 96% of the addresses associated with the privacy altcoin.

Former Google Engineer Publishes Successful Attack on Privacy Altcoin

Russian computer scientist and former Google engineer Ivan Bogatyy, has revealed via a detailed Medium post, that he has discovered an attack vector that allows the developer to expose the exact addresses of the senders and receivers of 96% of all GRIN transactions in “real-time.”

Related Reading | Road To Riches: The Ups and Downs Of Going All-In On Crypto 

The developer claims that GRIN’s protocol, Mimblewimble, is “fundamentally flawed,” and unfixable, even going as far to say that the Mimblewimble-based cryptocurrency “should no longer be considered a viable alternative to Zcash or Monero when it comes to privacy.”

Bogatyy says he was able to use only $60 per week of spend on Amazon Web Services to use the attack to expose the addresses of the privacy coin.

I just published a new attack that breaks Mimblewimble's privacy model. This attack traces 96% of all sender and recipient addresses in real time. Here's a summary and what it means for the future of privacy coins:https://t.co/tsIDLyfpzp

— Ivan Bogatyy (@ivanbogatyy) November 18, 2019

He says that while GRIN “still affords a stronger privacy model than Bitcoin or other non-privacy coins” due to it obfuscating transaction amounts, just not addresses, “Mimblewimble should not be relied upon for robust privacy.”

Bogatyy has published a full technical breakdown of how the attack was successfully implemented and how the developer was able to reveal the addresses of as much as 96% of GRIN transactions.

Turn That GRIN Upside Down: Early Bitcoin Whale Likely Not Happy With Attack

GRIN has already fallen from roughly 12.5% from a local high of $1.60 following last week’s news that an early Bitcoin whale had made a 50 BTC donation to support further development of the privacy altcoin, to as low as $1.40 at the time of this writing.

Related Reading | Early Bitcoin Adopter Supports Privacy Altcoin Grin 

The early Bitcoin whale is likely none-to-thrilled that this attack was revealed only days after making a 50 BTC donation to a project that a Google engineer is now saying may not even be “salvageable” and not at all suitable for privacy transactions – which was much of the altcoin’s use case.

The GRIN team will likely need to rely on that 50 BTC donation in order to try and develop a fix for the attack, or the longevity of the project could be at risk in the face of more private protocols like Monero or Zcash, as the engineer has pointed out in his report.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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