Bitget Hacker Turns to Zcash Privacy Pool After Near Rejects $50M in Swaps
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Zcash's new privacy pool, Ironwood, will employ formal verification to eradicate undetectable proliferation vulnerabilities.
Mars Finance reports that the Zcash development team has announced plans to introduce formal verification through the upcoming new privacy pool, Ironwood, to eliminate the risk of "undetectable issuance vulnerabilities" through mathematical proof. Previously, it was reported that while the vulnerability in the Orchard shielding pool had been patched and there was no evidence of exploitation, the community decided to launch the new Ironwood shielding pool and conduct comprehensive formal verification of its protocol because it is theoretically impossible to confirm whether covert issuance has occurred through on-chain history.
Blockstream rejects ransom as Liquid hackers hold nearly 600 BTC
Blockstream said it would work with law enforcement, exchanges and forensic specialists to recover the Bitcoin if the hackers do not return it.
Zcash is nearing completion of its mathematical proof to prevent hidden issuance vulnerabilities; ZEC rises 12%.
According to Odaily Odaily, Zcash's native token ZEC rose more than 12% on Tuesday after the team responsible for developing its privacy pools said they were close to completing a mathematical proof to confirm that there was no undetectable forgery or over-issuance vulnerability in the latest Zcash shielded pools. This verification work is being carried out by Project Tachyon, targeting Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox stated that the project is on the verge of producing a mathematical proof, aiming to demonstrate that the latest Zcash privacy pool does not have undetectable proliferation vulnerabilities. This development stems from the disclosure last month of a serious forgery vulnerability in Zcash Orchard's shielded pool. At the time, this vulnerability caused market concerns that Zcash's privacy system might have undetectable hidden inflation risks, causing ZEC to fall by more than 40% within two days. Developers say that with the help of AI-assisted formal verification, proof work that might have previously taken years can now be compressed into weeks. This news pushed the ZEC back above $500, its highest level since early June. (The Block)
NEAR Intents says it blocked $50M tied to Bitget hackers
The cross-chain protocol said it actively prevents stolen funds from being laundered, drawing a contrast with THORChain’s position that it does not selectively censor transactions.
Zcash’s November upgrade could freeze funds in legacy Sprout pool
The proposed NU7 change would disable version 4 transactions, leaving ZEC in Zcash’s legacy Sprout shielded pool unspendable.
The Zcash Ironwood upgrade will be deployed to the testnet tomorrow.
According to Foresight News , Zcash core developer Sean Bowe tweeted that the Ironwood upgrade will be deployed to the testnet tomorrow. He also stated that the Ironwood upgrade will be activated on the mainnet around July 21st. All consensus rule changes have been implemented and have undergone a period of auditing. The specification/ZIP has been released and is nearing its final state. According to a previous Foresight News report, Zcash core developer Sean Bowe tweeted that Ironwood will introduce a new shielded pool using the Orchard protocol. Simultaneously, the Orchard circuit will add a flag controllable by consensus rules, which can disable payments to other users within the pool (while retaining change) as a privacy protection mechanism. After the upgrade, old Orchard pools will enable this restriction and prohibit fund transfers to old pools by constraining valueBalance. New user payments must be made through the new pool, while migrating funds from the old pool to the new pool is encouraged. Furthermore, users can gradually prove that no fraudulent minting has occurred by migrating funds.