Hackers Nab $32 Million in Ethereum Cryptocurrency

Hackers Nab $32 Million in Ethereum Cryptocurrency

Some $32 million worth of ether cryptocurrency has been stolen by hackers. Ether, a digital currency, resides on the ethereum network and is now a rival to Bitcoin. The monumental theft was carried out due to a bug on a wallet software program.

The hacking into Parity wallet started Tuesday night and continued into Wednesday, July 19. Parity wallet allows users to access to a large number of cryptocurrencies within the ethereum network. The tool had a vulnerability that hackers took advantage of in order to steal 153,000 units of the currency.

Three separate accounts in particular were attacked.

Edgeless Casino, an online gambling site, Aeternity, a smart-contract platform and Swarm City, a commerce platform, which said 44,055 in the currency was drained from their wallet. This constituted the entirety of Swarm City’s funds, according to a blog post.

Eventually, a large share of the currency was able to be saved before the hackers could swindle even more.

A group of engineers called ‘The White Hat Group,’ acted quickly to exploit the same vulnerability that the hackers did and managed to drain funds from other existing accounts which could have been hacked. They were able to save 33,700 ether, which equates to $75 million. No further information has been released relating to the identities of the engineers. A page which purportedly holds the rescued funds was posted in a thread on the ethereum reddit page Wednesday.

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