Startup Finds and Patches Vulnerability in Code for Facebook’s Libra - Expanse

Startup Finds and Patches Vulnerability in Code for Facebook’s Libra

Developers working for startup OpenZeppelin, a third-party audit firm specializing in cryptocurrency, have discovered and patched a vulnerability in Facebook’s Libra’s open-source code.

The problem

According to an article by Coindesk on Sept. 10, the crypto auditing firm found vulnerabilities in Move, which is a scripting language developed by Facebook for its stablecoin Libra. OpenZeppelin’s CEO Demian Brener said that the vulnerability would have enabled malicious actors to introduce executable code to smart contracts. He continued:

“The good news is that it was found and patched before the platform was live. Issues once thought of as benign can become more severe in the blockchain setting because auditability substitutes for trust.”

Cryptocurrencies, including Libra, must comply

Earlier today, Cointelegraph reported that a United States official said that Facebook’s Libra stablecoin must meet the highest Anti-Money Laundering (AML) and terrorism financing standards.

Global financial regulators continue to share their concerns about Libra, with the European Central Bank’s key legal official Yves Mersch recently describing Facebook’s stablecoin as “beguiling but treacherous.”

Cointelegraph reported on Aug. 18, that a delegation of United States regulators visited the Libra Association headquarters in Switzerland to investigate the project and meet local regulators. However, as Cointelegraph reported in late August, the visit was not able to assuage all of the delegation’s concerns. 

Telegram to beat Facebook to the punch

Cointelegraph reported that Telegram is on track to launch its Gram cryptocurrency by October. If so, Telegram would beat Facebook’s much-anticipated Libra stablecoin, which is planned for integration into its three wholly-owned messaging services.

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