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Bisq Discovers Critical Security Vulnerability On Exchange, Stops Trading

Jyoti Singh by Jyoti Singh - 11:16 PM Apr 08, 2020
Bisq Discovers Critical Security Vulnerability On Exchange, Stops Trading

The non-custodial cryptocurrency exchange, Bisq, recently, discovered a critical security vulnerability on its exchange and then decided to disable its services on a temporary basis.

On this decentralized exchange, the user could easily facilitate the trading between cryptocurrency and fiat money without the involvement of any intermediary. 

Uncertain Statement By Developers

On April 08, 2020, while making the announcement, the developers of the exchange advised the users to not proceed any trading on it as they were investigating the security issues. The developers notified the users to not make any transactions related to a list provided to them by the company.

A report suggests that the developers did not seem to be certain in the post because in a follow-up it stated,
“To clear confusion: yes, Bisq is a proper distributed peer-to-peer network. So you can override the latest alert key functionality that blocks trading. But we highly discourage you from doing this for your own security.”
The developers have mentioned that soon they would provide all the details to the customer but before that, they would release v1.3.0 version of the application. They pointed out that till the new version is out, no trades will be processed on the platform.

Developers in the post further asserted that because of the security model of Bisq the funds of the users are safe at the exchange.

LocalBitcoins Withdraw Trading From Exchange

According to the report, in the year 2019, the trading volume of Bisq surpassed LocalBitcoins, as the latter removes the option of trading for cash option for the users. The abrupt decision by the Finland-based exchange created an outrage in the crypto-community.

In February 2020, the trading volume of LocalBitcoin went below its overall trading volume of seven-years. This has happened because of the uncertainty of the exchange and at present, the users can not rely on it.

The report adds that in January 2020, the weekly volume report of the company stated that it has gone below two-years in China.

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About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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