Startup Finds and Patches Vulnerability in Code for Facebook’s Libra

Developers working for startup OpenZeppelin, a third-party audit firm specializing in cryptocurrency, have discovered and patched a vulnerability in Facebook’s Libra’s open-source code.

According to an article by Coindesk on Sept. 10, the crypto auditing firm found vulnerabilities in Move, which is a scripting language developed by Facebook for its stablecoin Libra. OpenZeppelin’s CEO Demian Brener said that the vulnerability would have enabled malicious actors to introduce executable code to smart contracts. He continued:

“The good news is that it was found and patched before the platform was live. Issues once thought of as benign can become more severe in the blockchain setting because auditability substitutes for trust.”

That a United States official said that Facebook’s Libra stablecoin must meet the highest Anti-Money Laundering (AML) and terrorism financing standards.

Global financial regulators continue to share their concerns about Libra, with the European Central Bank’s key legal official Yves Mersch recently describing Facebook’s stablecoin as “beguiling but treacherous.”

Reported on Aug. 18, that a delegation of United States regulators visited the Libra Association headquarters in Switzerland to investigate the project and meet local regulators. However reported in late August, the visit was not able to assuage all of the delegation’s concerns.

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