MimbleWimble Anonymity Unraveled, Charlie Lee Claims Bug was Known
The MimbleWimble technology to anonymize Litecoin (LTC) has been attacked using a test with cloud-based computing resources.
The MimbleWimbe technology can be unraveled using hired computing resources, a recent test by Ivan Bogatyy revealed. Immediately, Litecoin (LTC) supporters and the builders of MimbleWimble denied the accusations of running a poorly concealing technology.
Charlie Lee, co-founder of LTC, admitted that the technology had a known weakness, but privacy could still be achieved. Still, the conclusion was that LTC could not replace the concealment of ZClassic (ZCL) and Monero (XMR).
Others chimed in with suggestions that could fix the weakness in the future, also showing that it was a known threat.
Bogatyy, on his side, claims to have used $60 hired AWS resources to unravel the privacy. He also believes MimbleWimble cannot be fixed:
“The problem is inherent to Mimblewimble, and I don’t believe there’s a way to fix it. This means Mimblewimble should no longer be considered a viable alternative to Zcash or Monero when it comes to privacy.”
The response to that accusation arrived a few hours after Bogatyy spread the message in what was seen as a rather aggressive attack against the technology.
“Numerous claims, including the title of the article itself, are factually inaccurate. On a high level, the article reads as a not-so-subtle take down piece that claims an attention-grabbing result. The conclusion of the article however, contains many logical leaps that are not substantiated via the network analysis exercise that is described,” explained Daniel Lehnberg of the Grin team.
The news arrived at a time when LTC transactions are on the decline, similar to those of Dogecoin (DOGE). LTC has around 23,000 transactions per day, with DOGE carrying above 26,000 transactions. LTC market prices also fell to $55.20 after a recent sell-off.
Anonymous coins are seen as an appealing option, but may not pass the scrutiny of regulators. Sending the coins to exchanges requires an unveiling of their origin.