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InvisibleAdden
I'm a teapot
Registered: 06/04/03
Posts: 39,201
Loc: Flag
Hackers steal $32 million in Ethereum * 3
    #24496860 - 07/20/17 05:32 PM (6 years, 8 months ago)

Cross posted in money matters if any of you have a preference of audiences.

http://www.kitco.com/news/2017-07-20/Hackers-Steal-Staggering-32-Million-In-Ethereum.html

Kitco Metals Inc.


In a massive security breach on Wednesday, hackers got their hands on 153,000 units of cryptocurrency ethereum, worth around $32.6 million. This was the biggest theft of the cryptocurrency so far and comes just a couple day after $7 million worth ethereum was stolen.
The ether tokens, illegally depleted Wednesday, came from three of the largest Ether multi-signature wallets: Edgeless Casino, Aeternity, and Swarm City, according to media reports.

Hackers exploited a vulnerability in Parity's multi-signature wallet to gain access to the digital currency.
The theft came to light around noon on Wednesday, Swarm City communications officer Matthew Carano said.

“We alerted the Ethereum Foundation and multiple developer groups immediately. Together, we were able to determine that malicious actors had exploited a flaw in the Parity Multisig code, which allowed a known party to steal over 153,000 ether from several projects including Edgeless Casino, Aeternity, and Swarm City," Carano said in a blog post.

Following the news of the breach, ethereum’s price tumbled to a low of around 138 from $235.

According to Kitco.com, aggregated cryptocurrency charts, ethereum has managed to its reverse some of its losses and was trading around $224 level at the time of publication.

Reportedly, the vulnerability in the Parity’s code, which produces digital wallets for users to keep their funds in.
The method Parity uses is usually considered safe since it adds an additional layer of security by requiring a second user to sign a transaction before it is added to the blockchain.

Founder and CTO of Parity, Gavin Wood, published a security alert warning all users to move their funds somewhere more secure while the problem is resolved.
“There is an effort by the foundation underway to secure funds in other wallets to prevent any further compromises,” Wood said.
The so-called White Hat Group has also been working to recover the stolen funds.
“If you hold a multisig contract that was drained, please be patient. We will be creating another multisig for you that has the same settings as your old multisig but with the vulnerability removed and we will return your funds to you there,” the group said in a Reddit post.

Wednesday’s cyber theft comes just days after $7 million worth of ether tokens was stolen on Monday.

By Anna Golubova

For Kitco News

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InvisibleStonehenge
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Registered: 06/20/04
Posts: 14,850
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Re: Hackers steal $32 million in Ethereum [Re: Adden] * 1
    #24497128 - 07/20/17 07:34 PM (6 years, 8 months ago)

I posted it in one of the coin threads in money yesterday.


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755

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InvisibleLemurLemur
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Registered: 01/30/17
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Re: Hackers steal $32 million in Ethereum [Re: Adden]
    #24497218 - 07/20/17 08:19 PM (6 years, 8 months ago)

Damn thats how u do it! Fuck'n rob'n with a gun.
"U can steal more with a pen than a sword"


--------------------
(when my data is fast play Lemur in chess at chess.com)[ [gradient:#D40B29,#18C418]Any1 expecting a trade from me i havent forgot about you pinky promise, i fr promise shits just shit rt now[/gradient]

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InvisibleCyrus19
Represents Enlil's Hope

Registered: 02/24/17
Posts: 2,503
Re: Hackers steal $32 million in Ethereum [Re: LemurLemur]
    #24497274 - 07/20/17 08:37 PM (6 years, 8 months ago)

And tell me again why are crypto currencies superior to dollars?

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Offlinemusiclover420
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Re: Hackers steal $32 million in Ethereum [Re: Cyrus19]
    #24497349 - 07/20/17 09:10 PM (6 years, 8 months ago)

Quote:

Cyrus19 said:
And tell me again why are crypto currencies superior to dollars?




People steal money too :shrug: and valuables worth tons of money...


--------------------
Don't worry about me, I've got all that I need. And I'm singing my song to the sky

You know how it feels, With the breeze of the sun in your eyes. Not minding that time's passing by

I've got all and more, My smile, just as before. Is all that I carry with me

I talk to myself, I need nobody else. I'm lost and I'm mine, yes I'm free


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OfflineLogicaL ChaosM
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Re: Hackers steal $32 million in Ethereum [Re: Cyrus19] * 2
    #24497426 - 07/20/17 09:47 PM (6 years, 8 months ago)

Quote:

Cyrus19 said:
And tell me again why are crypto currencies superior to dollars?




Cause digital money launduring is super easy.

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InvisibleNifflerz
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Re: Hackers steal $32 million in Ethereum [Re: LogicaL Chaos]
    #24497494 - 07/20/17 10:19 PM (6 years, 8 months ago)

Maybe I'm misinformed and clueless when it comes to shit like this (truth is I am), but stealing it is one thing...and converting it into cold hard cash seems like quite another.

Wouldn't it be safe to say that in light of this news that people aren't going to be scurrying to buy Ethereum? I know I damn sure wouldn't.


--------------------
Aka Pudge (the real one, not the bitch ass fake one from 2020)

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Offlinemusiclover420
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Re: Hackers steal $32 million in Ethereum [Re: Nifflerz]
    #24497550 - 07/20/17 10:45 PM (6 years, 8 months ago)

Quote:

Niffla said:
Maybe I'm misinformed and clueless when it comes to shit like this (truth is I am), but stealing it is one thing...and converting it into cold hard cash seems like quite another.

Wouldn't it be safe to say that in light of this news that people aren't going to be scurrying to buy Ethereum? I know I damn sure wouldn't.




The value of Ethereum already has gone down by nearly half :lol:


--------------------
Don't worry about me, I've got all that I need. And I'm singing my song to the sky

You know how it feels, With the breeze of the sun in your eyes. Not minding that time's passing by

I've got all and more, My smile, just as before. Is all that I carry with me

I talk to myself, I need nobody else. I'm lost and I'm mine, yes I'm free


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InvisibleBlend
afferent orchestra
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Registered: 08/16/06
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Re: Hackers steal $32 million in Ethereum [Re: Adden]
    #24497557 - 07/20/17 10:51 PM (6 years, 8 months ago)

Quote:

article said:
Reportedly, the vulnerability in the Parity’s code, which produces digital wallets for users to keep their funds in.





Oh.

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OfflineLed Zeppelin
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Re: Hackers steal $32 million in Ethereum [Re: Blend]
    #24497765 - 07/21/17 12:55 AM (6 years, 8 months ago)

I've never heard of this ether you speak of..is it the new competitor to Bitcoin or something

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OfflineLightRay
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Re: Hackers steal $32 million in Ethereum [Re: Nifflerz]
    #24497973 - 07/21/17 04:16 AM (6 years, 8 months ago)

Quote:

Niffla said:

Wouldn't it be safe to say that in light of this news that people aren't going to be scurrying to buy Ethereum? I know I damn sure wouldn't.




I was actually thinking the opposite.  This would make it exactly the best time to buy etherum (assuming the market responds and we see a price drop).

The news could cause a drop in the market meaning you can buy in at less than true avarage value and weather the storm until confidence grows again (which it will) then cash out at profit.

Remember, stock trading is typically doing the exact opposite of what the masses would do in order to profit.

:thumbup:


EDIT:
What exact dates did these hacks happen on because it looks like what I've said has already occured...

http://www.coindesk.com/ethereum-price/

On 17th July Ether had a massive drop down to $134 then over the next week restabalised and peaked at $247.

Thats quite a missed investment opportunity.  Where else could you get those returns in a week!!

Edited by LightRay (07/21/17 04:23 AM)

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Offlinekoods
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Re: Hackers steal $32 million in Ethereum [Re: LightRay]
    #24498010 - 07/21/17 05:37 AM (6 years, 8 months ago)

yeah, it's so easy in hindsight. :rolleyes:


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”

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OfflineUglyCasanova
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Registered: 05/28/17
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Re: Hackers steal $32 million in Ethereum [Re: koods] * 1
    #24498106 - 07/21/17 07:29 AM (6 years, 8 months ago)

To be fair it was.
A wallet was compromised. Not the currency.

Those who ditched it weren't aware of the scope of the issue and were reacting sensationally.

Those who bought it understood that the currency doesn't have anything to do with some third party wallet vulnerability.

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InvisibleNifflerz
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Registered: 06/09/08
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Re: Hackers steal $32 million in Ethereum [Re: koods]
    #24498120 - 07/21/17 07:42 AM (6 years, 8 months ago)

Quote:

koods said:
yeah, it's so easy in hindsight. :rolleyes:




When did you decide to show back up?


--------------------
Aka Pudge (the real one, not the bitch ass fake one from 2020)

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OfflineLogicaL ChaosM
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Re: Hackers steal $32 million in Ethereum [Re: Nifflerz]
    #24498129 - 07/21/17 07:54 AM (6 years, 8 months ago)

Hes been around for a couple of weeks.

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OfflineCHeifM4sterDiezL
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Re: Hackers steal $32 million in Ethereum [Re: LogicaL Chaos]
    #24498140 - 07/21/17 08:05 AM (6 years, 8 months ago)

haha this internet dewd I was talking to thought he was gonna make a milliondy dollars on etherium like a month ago. i think something like this undermines the whole market confidence. I mean that's a lot of coin to just go missing I mean we're any of them recovered. I mean I'm not an expert but what's the point of stealing a cryptocurrancy? seems like people would know it was stolen coin if u ever tried to sell or convert it. then again exchanges don't exactly have a track record of being 100% above board. I mean what stops you from either duping or selling stolen coin?

Edited by CHeifM4sterDiezL (07/21/17 08:07 AM)

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OfflineUglyCasanova
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Re: Hackers steal $32 million in Ethereum [Re: CHeifM4sterDiezL]
    #24498148 - 07/21/17 08:10 AM (6 years, 8 months ago)

If you knew about cryptos youd understand that the untraceable aspect of the currency is what gives it power. There is nothing to separate the stolen coins from legitimately earned ones. The converting must simply be done with tumbling and in incremental bursts.

Its a small task for a team that exploited a vulnerability as large as this.

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InvisibleCyrus19
Represents Enlil's Hope

Registered: 02/24/17
Posts: 2,503
Re: Hackers steal $32 million in Ethereum [Re: UglyCasanova]
    #24498181 - 07/21/17 08:35 AM (6 years, 8 months ago)

Quote:

UglyCasanova said:
If you knew about cryptos youd understand that the untraceable aspect of the currency is what gives it power. There is nothing to separate the stolen coins from legitimately earned ones. The converting must simply be done with tumbling and in incremental bursts.

Its a small task for a team that exploited a vulnerability as large as this.



Crypto currency is good for criminals and radicals regular people not so much.

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InvisibleAdden
I'm a teapot
Registered: 06/04/03
Posts: 39,201
Loc: Flag
Re: Hackers steal $32 million in Ethereum [Re: CHeifM4sterDiezL]
    #24498397 - 07/21/17 10:26 AM (6 years, 8 months ago)

Think about them as modern day bearer bonds not money.

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OfflineLightRay
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Re: Hackers steal $32 million in Ethereum [Re: koods]
    #24498401 - 07/21/17 10:29 AM (6 years, 8 months ago)

Quote:

koods said:
yeah, it's so easy in hindsight. :rolleyes:




I wrote it before I even looked at what had happened?  Thats not hindsight.  Read the post again.

You don't need any hindsight to know you can buy stocks after bad publicity?

Thanks for being so obnoxious to me with your reply though.  :thumbdown:

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