OpenZeppelin, a third-party audit firm focusing on cryptocurrency projects, discovered and resolved a vulnerability in the code of Facebook's upcoming cryptocurrency, libra, Cointelegraph reports on September 11th.
According to the CEO of OpenZeppelin, Demian Brener, the vulnerability could have enabled executable code to be included in smart contracts. He went on to comment “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.”
Not even two weeks after the bug bounty program on Facebook's libra has been opened to public and we're seeing the first results. As the OpenZeppelin CEO stated, it is a good thing that the bug was caught before the platform went live and once again highlights the importance of peer review in modern software development. Even though its facing major regulatory push-back, and rumors of projects distancing itself from the Libra Association, it would appear that the development of the cryptocurrency is still going forward and while a large number of bugs would raise further concerns with the regulators, early detection is a sign of due diligence and will surely be met with approval.