Hackers exploits coding error, steals $31 Million worth of Ethereum

Pappi Hex

 Another ethereum hack? ethereum hack is quite becoming disturbing. Two days ago Techfoe made a post in which over 7 milliom worth of ethereum were lost when a hacker hacked CoinDash website during an Initial Coin Offering (ICO).

 Latest news coming in says a whooping $31 million worth of ethereum has been stolen! According to coding service parity, a vulnerability exists in the latest 1.5 version and later version of its software which acts as a backbone of cryptocurrency wallets.

 The critical flaw, discovered in a specific multi-sig contract called wallet.sol has resulted in at least three wallets being compromised and the loss of approximately $31 million dollars worth of ethereum.

Also Read: Marijuana delivery startup Eaze suffers data breach, hacker demands $70M ransom

 White hat hackers from Parity have tried to mitigate the issue by emptying every vulnerable wallet they find into temporary which are vulnerable to the hack. The white hackers have so far recovered about 377,000 ethereum which amounts to $77 million.

Some victims of the hack includes Swarm City, a cryptocurrency commerce platform lost about 44,055 ethereum which is worth $9 million.  Another company named Edgeless Casino lost roughly $5.6 million while another called Aeternity lost close $17 million.

In a statement, the White hat researchers have assured those that their ethereum were drained to be patient as they will returned back when the vulnerability has been fixed.

"If you hold a multisig contract that was drained, please be patient," the white hat researchers said in the statement." They will be creating another multisig for you that has the same settings as your old multisig but with the vulnerability removed and will return your funds to you there."

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