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Crypto Terms:  Letter B

What is Bug Exploit?

Meaning:
Bug Exploit - is a type of attack that focuses on the system's weak areas.
easy
2 minutes

Let's find out Bug Exploit meaning, definition in crypto, what is Bug Exploit, and all other detailed facts.

These bug exploits take the shape of programs, chunks of information, or orders to target the system and earn profit.

The term originated from the English verb “to exploit”, referring “to use something to one’s own advantage”.

Fraudsters can use bug exploits to cause abnormal activity on computer networks, allowing them to gain admission to such networks or launch denial-of-service strikes.

Bugs like these may be used to inflict major losses of cash by causing massive disruption of services and time-sensitive contracts deployed throughout impacted cryptocurrency marketplaces and trades.

Hence, it’s essential that developers have extensive security for their projects, as well as testing prior to rolling out to their mainnet for public use.

There is some information out there implying that there are still many masked bugs in blockchain and cryptocurrency platforms, which hackers are trying to unmask. Overall, exploits can be put in one of the two main categories - known or unknown.

Back in 2018, Braydon Fuller found a Bitcoin bug named “INVDos” and it, in fact, could completely crash Bitcoin nodes, as he revealed to the public. Therefore, hackers could be able to develop a distorted Bitcoin transaction that would absorb the network’s memory supplies.

Besides that, a cryptocurrency project named Pigeoncoin was targeted by hackers at the same time. These hackers took advantage of Bitcoin's inflation issue to create around $15,000 worth of Pigeoncoins.

Following these instances, analysts fear that there may be additional flaws in the Bitcoin network, allowing hackers to inflate the supply of Bitcoin.