Crypto miners turn $11 into $6.7 million just by saying it is

Davida Erdahl

The oracle vulnerabilities may well just be the tip of the iceberg that is PegNet’s challenges.

A group of cryptocurrency miners lately turned $eleven into $6.7 million. They did this by telling all people that the $eleven was in fact value $6.7 million.

This is almost certainly that one uncomplicated trick your financial institution will not want you to know.

How to tell a convincing lie

The miners were being on a community referred to as PegNet. It is a stablecoin process the place miners are incentivised to serve as agreeable oracles.

Oracles are the knowledge sources for these kinds of methods. Their task is to tell the truth of the matter. In this scenario their task was to tell the truth of the matter about forex exchange premiums.

Which is what they lied about. Precisely, they fibbed about the USD/JPY exchange premiums.

At current exchange premiums one yen is

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