Ethereum hack on the action, the last breach occurred five days back. This is the 3rd heist within a week, which has become one of the most vulnerable crypto currencies. Approximately sum total of $47 million Ethereum has been stolen in last week.
Ethereum hack on the action, the last breach occurred five days back. This is the 3rd heist within a week, which has become one of the most vulnerable crypto currencies. Approximately sum total of $47 million Ethereum has been stolen in last week. Veritaseum platform was the latest victim of this heist, the initial coin offering (ICO) was breached and around a $8.4 million Ethereum was stolen. According to the analysis report published by Veritaseum’s founder, Reggie Middleton they were hacked possibly by a group and the hackers seemed to conducted a very sophisticated attack on the platform. The stolen amount was first transferred in two Ethereum wallets later it was moved to other accounts. Here is full preview analysis report published by the company: “We were hacked, possibly by a group. The hack seemed to be very sophisticated, but there is at least one corporate partner that may have dropped the ball and be liable. We’ll let the lawyers sort that out if it goes that far.Although I hate to see assets stolen, and I hate thieves, the incident proved both the resilient demand for our tokens and the utility of the decentralized exchange EtherDelta. The hacker(s) made away with $8.4M worth of tokens and dumped all of them within a few hours into a heavy cacophony of demand. This is without the public knowing anything about our last traction.I would like to make it known that we had the option to fork VERI, but chose not to. At the end of the day, the amount stolen was minuscule (less than 00.07%) although the dollar amount was quite material.Another point that I would like to make clear is that Veritaseum tokens are software that represents our knowledge, advisory and consulting skills, products and capabilities. Without the Veritaseum team, the tokens are literally worthless! If someone were to someone confiscate 100% of the available tokens, all we need to do is refuse to stand behind them and recreate the token under a new contract. Again, we aren’t selling currencies; we aren’t selling securities. We are selling capabilities, and the ability for those capabilities to connect parties P2P for the autonomous transfer of value. You can get away with a large securities heist or a large currency heist. The Veritaseum team is what powers the value behind the Veritas token. A large theft of those tokens after a fork is as valuable as stealing 90M empty plastic cups.”
The incident is still being investigated and Middleton accuses at least one corporate of his partner may be involved in this attack. He assures to prevent further attack like this in the future The second Ethereum hack was on July 19th on smart contract company Parity technologies issued a security alert on their Ethereum wallet software reporting a critical vulnerability.The vulnerability was found on version 1.5 and above. Hackers exploited the vulnerability and stole around 150,000 units of ether which is equivalent to $32 million. According to Gavin Wood, the founder and CTO at Parity three Ethereum account were compromised by the hackers and warned their users who are using 1.5 or later version to transfer their ether from their in browser wallets to secure accounts immediately. Parity said that data breach affected only the multi signature software only and normal ones are safe, and they are trying to transfer funds from other wallets to more secure accounts. The first Ethereum heist happened a week ago. It affected Israel blockchain start-up company called CoinDash (ISO). The company announced a massive data breach and $7 million worth Ethereum was stolen. The incident happened just after the company launched an Initial Coin Offering (ICO), which allows users to pay with Ethereum. The hacker replaced the original address with a fake address which is owned by the hacker. He tricked the investors to send 43438.455 Ether to fake address by this method. The company warned the users that the website has been hacked and original address was replaced with the fake address and asked people not to send the Ethereum to the address which is given on the website as soon as they discovered the error. However, by that time hacker has already stolen Ethereum worth $7 million. The company has shut down their website and started the investigation on this issue. In a statement issued by the company, it says “CoinDash is responsible to all of its contributors and will send CDTs [CoinDash Tokens] reflective of each contribution." Here is the full preview of the statement : “It is unfortunate for us to announce that we have suffered a hacking attack during our Token Sale event. During the attack, $7 Million was stolen by a currently unknown perpetrator. The CoinDash Token Sale secured $6.4 Million from our early contributors and whitelist participants and we are grateful for your support and contribution.CoinDash is responsible to all of its contributors and will send CDTs reflective of each contribution. Contributors that sent ETH to the fraudulent Ethereum address, which was maliciously placed on our website, and sent ETH to the CoinDash.io official address will receive their CDT tokens accordingly. Transactions sent to any fraudulent address after our website was shut down will not be compensated.This was a damaging event to both our contributors and our company but it is surely not the end of our project. We are looking into the security breach and will update you all as soon as possible about the findings.The CoinDash vision, product, and team will continue to live on. We will be fast to recover and we will create the future of trading.Reminder: We are still under attack. Please do not send any ETH to any address, as the Token Sale has been terminated.”