Developers of the audit company, OpenZeppelin recently found a bug in the codes of Facebook’s stable coin, Libra. The good news is that this was discovered at the development stage and has since been patched by developers.
Speaking on the discovery, the CEO of OpenZeppelin, Damian Bremer said that issues such as these would have permitted malicious users to introduce executable codes in the smart contract causing harm or losses to the network.
“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.”
Beguiling and Treacherous
Libra is still at its developmental stage and has generated a lot of opposition within the United States and overseas. The European Central Bank legal official, Yves Mersch recently termed the project beguiling but treacherous.
With most of the opposition coming due to the unforeseen effect of a financial instrument wielded by a company with large subscriber base such as Facebook.
Cryptoinfowatch had earlier reported that the United States authorities have maintained that the company must comply with the highest anti-money laundering and terrorism financing standards before they would get a nod from regulators.
Another concern has been that Libra would be regulated from outside the US with the Swiss authorities having oversight function over the cryptocurrency.
Facebook and Google has placed restrictions on cryptocurrency-related ads last year but the social media giants had made a volte face after it developed the idea of building its own cryptocurrency.