NEO witnesses DoS [Denial-of-Service] vulnerability; releases bug fix within an hour

On August 15th Neo Smart Economy platform witnessed a DoS [Denial-of-Service] vulnerability. A group of excellent developers from Qihoo 360 Core Securities verified and tested the DoS vulnerability and sent a detailed report to the NEO team.

NEO is a blockchain platform and cryptocurrency which was created with the idea of establishing a scalable network of decentralized applications. While NEO is very close to Ethereum at its core and has 7 master nodes responsible for verifying and packaging the entire network transaction. Malicious users can post malicious contracts resulting in the 7 master nodes to crash and can cause denial of service across the entire NEO network.

Erik Zhang, NEO Founder verified the threat and released a bug fix within an hour, eliminating the possibility of the bug being exploited by attackers. He also rewarded the team 10000 NEO for their contribution. One of the most important preferences NEO has is security, and since its inception in October 2016, they have entered into a strategic partnership with two security companies namely CertiK, a formal verification service platform and Red4Sec, a code auditor. NEO has initiated an incentive policy to reward any contributor that discovers vulnerabilities in the NEO Smart Economy.

Since the deposits and withdrawals are disabled, many individuals are confused whether it is an issue with the exchanges or with the blockchain. Lack of information has flooded the internet with queries. Many exchanges like Binance, Kucoin, and Cobinhood have stopped deposits and withdrawals of NEO coins, which has led many investors astonished as their investments are stuck in these exchange platforms.

a_dodo_stole_my_baby, a Redditor posted his grievance for which Kucoin replied:

Post by Redditor | Source: Reddit

Another Reddit user posted:

“So what gives? It’s been almost 4 days now and withdrawals are still disabled. Anyone know if we should expect them to be back up soon?”

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