Bitcoin Bug Used to Print Millions of Pigeoncoins

Two weeks ago, BeInCrypto reported on a potential brutal Bitcoin bug which could have brought the network down to its knees. The problem has largely been resolved on the market leader and other cryptocurrencies using its technology, but many lesser-known coins are still vulnerable to attack. One altcoin which has already been exploited by the security flaw is Pigeoncoin (PGN). The 1466th-ranked cryptocurrency witnessed highly-irregular activity over the last week, as evidenced by a chart of its market capitalization — which portrays dramatic spikes. Pigeoncoin’s developers have confirmed that 235 million coins were printed by attackers exploiting the now-notorious bug. The additional coins total roughly $15,000 in value. A critical exploit fix was implemented by the development team approximately seven days ago.

Never Heard of Pigeoncoin?

Pigeoncoin purports to be a social application which provides digital freedom to everyone by making use of the X16S (shuffle) algorithm to end data collection in social media. Finding information and data on the project isn’t a particularly easy or fulfilling task, as the project’s website redefines the term ‘minimalistic.’ This statement appears contradictory now, the “battle-hardened security” was fairly easily broken down in order to print millions of PGC. If you’re looking to buy, sell, or trade Pigeoncoin (PGC) for some reason (we won’t ask), it can only be found on two exchanges you’ve almost certainly never heard of — CryptoBridge and QBTC. According to CoinMarketCap.com, PGC’s 24-hour trading volume on CryptoBridge is a whopping $338. What do you think about the attack on Pigeoncoin (PGC)? Actually, what do you think about Pigeoncoin, period? Let us know your thoughts in the comments below!