Electroneum (ETN) Price Spikes after Burning Bug Patch-Up

The crypto coin, forked from Monero (XMR), inherited a fatal bug that allowed double-spending to exchange wallets. Following a patch-up, the price recorded a significant gain.

Electroneum (ETN) saw a robust price increase after the project patched up the “burning bug” inherited from Monero (XMR). It allows a malicious actor to fund an exchange balance multiple times, so the platform ends up owning invalid coins marked for attempted double spending. In the meantime, the exchange balance could be traded for other assets, leaving the operator to shoulder the losses. So far, there has been no report of someone managing to exploit the bug for Electroneum or Monero.

https://twitter.com/electroneum/status/1045057414167515136

As exchanges opened wallets and trading renewed, the ETN price moved up from its traditionally low levels, rising in the past 24 hours from $0.013 to above $0.017. In the past week, ETN prices nearly tripled from recent lows of $0.007 as the coin was sent reeling by lack of support.

Electroneum was seen as one of the more promising projects, but technical difficulties, a mining freeze, and the general bear market depressed its price.

For Electroneum command line users, a manual patch update would be needed. For those using the Electroneum app, the update would be performed by the project team over the next few days.

The ETN digital asset is most actively traded on Cryptopia and KuCoin. Volumes have been picking up in the last week, going as high as $5 million in 24 hours. The activity for ETN increased in September after a prolonged stagnation. Over the past week, ETN has managed to recoup losses from the past three months.

ETN is seen as a relatively risky, long-term bet, especially as simulated mobile mining and the usage of the app continue to increase. Since July, the mining activity for Electroneum has been growing noticeably, rising from around 14 million H/s in July to above 6.3 billion H/s, possibly showing the usage of ASIC pointed to the network. The Electroneum team initially attempted to disable ASIC mining but eventually chose to allow a larger network with higher difficulty.

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