Online Monero Wallet to Mitigate Security Risks by Fixing Flaws Uncovered in Audit

The Monero web wallet says it has undergone a successful security review by an independent provider, with analysts concluding "a number of potential vulnerabilities" have now been fixed, with their risks mitigated.

During its tests in June 2018, the application's web traffic and user interface were inspected, all with the aim of uncovering security flaws that could affect trustworthiness.

In its report, New Alchemy concluded: "The XMRWallet application exhibits a high-quality user experience, a modern development approach, and a clear separation of client and server functionality. However, the security review has identified a number of potential vulnerabilities."

Although these issues varied in severity - some minor, some critical - New Alchemy's assessment concluded all these flaws were fixed.

Following retesting - with XMRWallet given advice on ways to mitigate certain issues - New Alchemy said all seven critical issues had been fixed.

New features unveiled The audit came as XMRWallet began to introduce a suite of new features - including the ability to set the USD pride for sending Monero, matched in XMR automatically.

The wallet also promises fast transaction times - paving the way for Monero to be sent and received immediately.

XMRWallet.com describes itself as an "Open-source web environment" for Monero wallets - and the platform has vowed to be completely free for users, relying on donations in order to provide continued service.

What is Monero? Supporters of Monero say the decentralized cryptocurrency is secure because every transaction is confirmed via a distributed consensus before it is immutably recorded on the blockchain.

Another attribute of Monero is its untraceable, private nature.