For the second time this week, hackers steal Ethereum cryptocurrency worth millions of...

midian182

Posts: 6,009   +50
Staff member

For the second time in a week, hackers have managed to steal millions of dollars’ worth of digital currency Ethereum. In this latest instance, around 153,000 Ether worth approximately $34 million was taken from three separate multi-signature wallets, but it could have been even worse.

A coding fault in digital wallet service Parity allowed the cybercriminal to make off with Ether from three projects that had recently completed initial coin offerings (ICOs).

"A vulnerability in Parity Wallet's variant of the standard multi-sig contract has been found," wrote Parity founder Gavin Wood in a critical security notice. Users were advised to "immediately move assets contained in the multi-sig wallet to a secure address."

Proof of Existence creator Manual Araoz suggested Edgeless Casino, Swarm City, and æternity blockchain were the three multi-sig wallets affected. Swarm City has since confirmed it lost 44,055 ETH in the hack.

While $34 million is an eye-watering amount, it could have been even higher, were it not for the quick thinking of some white hat hackers. They were able to save over 337,000 Ether worth more than $85 million by siphoning it from other wallets.

"White hat group(s) were made aware of a vulnerability in a specific version of a commonly used multi-sig contract. This vulnerability was trivial to execute, so they took the necessary action to drain every vulnerable multi-sig they could find as quickly as possible," the White Hat Group explained on Reddit.

The group has promised to return the funds to the rightful owners once it creates a new multi-sig with the same settings for each individual, minus the vulnerability.

On Monday, hackers stole around $10.3 million of Ethereum from CoinDash by simply replacing the wallet address listed on its website with one belonging to the perpetrators.

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Bilibong

Posts: 14   +6
HAHA!!!

Thieves stealing from scum, as far as I'm concerned.

They deserve each other.
Really where do you get there scum? Everybody that own's Ethereum or bitcoin is a criminal? I bought Ethereum when it was cheap and just use it to trade. Same with my bitcoin and once and awhile ill use bitcoin to buy something from Microsoft store.
 
D

davislane1

HAHA!!!

Thieves stealing from scum, as far as I'm concerned.

They deserve each other.
Really where do you get there scum? Everybody that own's Ethereum or bitcoin is a criminal? I bought Ethereum when it was cheap and just use it to trade. Same with my bitcoin and once and awhile ill use bitcoin to buy something from Microsoft store.
Roughly translated, what he meant to say was anyone who doesn't share his view of crypto is scum.
 
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Skidmarksdeluxe

Posts: 8,645   +3,281
HAHA!!!

Thieves stealing from scum, as far as I'm concerned.

They deserve each other.
How are the victims "scum"??

All sorts of people use crypto-currencies.... Etherium, Bitcoin, etc. are becoming pretty mainstream and I don't see how this should be any different than someone robbing a bank...
Mainstream? That's a bit of a broad statement. It's still a million miles away from being mainstream and a billion to one chance it'll ever be. If it ever falls in line with the current rate of exchange, what good is it then? People will begin to offload their cryptocurrency like they're trying to get rid of a bad case of a STD.
 

Legionnaire

Posts: 27   +42
HAHA!!!

Thieves stealing from scum, as far as I'm concerned.

They deserve each other.
How are the victims "scum"??

All sorts of people use crypto-currencies.... Etherium, Bitcoin, etc. are becoming pretty mainstream and I don't see how this should be any different than someone robbing a bank...
Some people are scared of change and want nothing to do with it.
 
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wiyosaya

Posts: 5,363   +3,444
Some people are scared of change and want nothing to do with it.
Three thefts in one week seems like someone dropped the ball, really more like fell out of the game, on this.

Personally, I prefer currencies that are significantly harder to steal.
 

merikafyeah

Posts: 164   +116
Some people are scared of change and want nothing to do with it.
Three thefts in one week seems like someone dropped the ball, really more like fell out of the game, on this.

Personally, I prefer currencies that are significantly harder to steal.
Cryptocurrencies ARE virtually impossible to steal, IF you keep them yourself. If you trust someone else to hold on to them for you, well... this happens. Moral of the story, don't trust "the cloud".
 
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Bilibong

Posts: 14   +6
HAHA!!!

Thieves stealing from scum, as far as I'm concerned.

They deserve each other.
How are the victims "scum"??

All sorts of people use crypto-currencies.... Etherium, Bitcoin, etc. are becoming pretty mainstream and I don't see how this should be any different than someone robbing a bank...
Mainstream? That's a bit of a broad statement. It's still a million miles away from being mainstream and a billion to one chance it'll ever be. If it ever falls in line with the current rate of exchange, what good is it then? People will begin to offload their cryptocurrency like they're trying to get rid of a bad case of a STD.
It's anonymous.
 

Squid Surprise

Posts: 3,363   +2,252
Cryptocurrencies ARE virtually impossible to steal, IF you keep them yourself. If you trust someone else to hold on to them for you, well... this happens. Moral of the story, don't trust "the cloud".
All currencies are pretty easy to steal... haven't you watched the news... or failing that... movies? Stores/homes/banks get robbed all the time.... this is no different.

As Ethereum, Bitcoin, etc are all crypto-currencies, they must all be stored in some way in the cloud - and are therefore vulnerable to theft. As they are still in their infancy, security protocols are still being ironed out.... Think about how secure banks were 200 years ago - now they're pretty secure (but still get robbed infrequently).

In a few more years, crypto-currencies will be just as secure, if not more, then any other currency.

In the meantime, I guess I'll use my highly secure credit card... those NEVER get compromised :)
 
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Puiu

Posts: 4,031   +2,563
Cryptocurrencies ARE virtually impossible to steal, IF you keep them yourself. If you trust someone else to hold on to them for you, well... this happens. Moral of the story, don't trust "the cloud".
All currencies are pretty easy to steal... haven't you watched the news... or failing that... movies? Stores/homes/banks get robbed all the time.... this is no different.

As Ethereum, Bitcoin, etc are all crypto-currencies, they must all be stored in some way in the cloud - and are therefore vulnerable to theft. As they are still in their infancy, security protocols are still being ironed out.... Think about how secure banks were 200 years ago - now they're pretty secure (but still get robbed infrequently).

In a few more years, crypto-currencies will be just as secure, if not more, then any other currency.

In the meantime, I guess I'll use my highly secure credit card... those NEVER get compromised :)
Actually, you can just store them offline, you don't need to use cloud based wallets. It would require someone to literally steal both your hardware and password to get access to them.
 
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Squid Surprise

Posts: 3,363   +2,252
Actually, you can just store them offline, you don't need to use cloud based wallets. It would require someone to literally steal both your hardware and password to get access to them.
You still need an address that people send your currency to.... Which by definition must occur over the Internet.... EVERYTHING has some sort of vulnerability....
 

Technosense

Posts: 43   +25
HAHA!!!

Thieves stealing from scum, as far as I'm concerned.

They deserve each other.
Ignorance is bliss. By all means, trust Wall Street as your investment vehicle instead, it's certainly not rigged. LOL. I bought 20 bitcoins for $2 each some years ago and sold when they were at $1100 a while back. Yes, please lecture me on how it's worthless too.
 
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Actually, you can just store them offline, you don't need to use cloud based wallets. It would require someone to literally steal both your hardware and password to get access to them.
You still need an address that people send your currency to.... Which by definition must occur over the Internet.... EVERYTHING has some sort of vulnerability....
Yeah you have no idea what your talking about. WTF are hackers going to do with an ethereum address? Stare at it? lol. All addresses are public. Thats the point of them. The private keys are what matter and what you store offline. If you let someone hold your private keys for you, your money is in their hands.
 
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ET3D

Posts: 1,710   +354
Far as I'm concerned, cryptocurrencies are very high risk commodities. They can be good for people who want a quick buck, but worthless as currencies. This kind of news is totally not surprising, it's what I see as part of the normal risk. I lost cryptocurrencies twice to theft/embezzlement, and a friend of mine lost several bitcoins at Mt. Gox. Not planning to go back to them, but then I never did any stock market speculations either; just not something I find enjoyable. I do know that some people make good money off them.
 

Squid Surprise

Posts: 3,363   +2,252
Yeah you have no idea what your talking about. WTF are hackers going to do with an ethereum address? Stare at it? lol. All addresses are public. Thats the point of them. The private keys are what matter and what you store offline. If you let someone hold your private keys for you, your money is in their hands.
And do you know your private key off by heart? Didn't think so.... so you've got it written down somewhere if it's not online... security = NOPE :)