Attacks On EOS-Based Games Indicates Weakness Of EOS (EOS) Network

The recent attacks on the gambling platforms built on the blockchain of EOS have resulted in the theft of EOS tokens worth more than $250,000. The EOSBet online casino made an announcement via its Reddit account that an attack had occurred last Friday, where more than 44,000 EOS tokens worth more than $240,000 were stolen.

The betting platform said the development team took their contracts offline immediately after the hack. Adding that their remaining 463,745 EOS tokens in their EOSBETCASINO and EOSBETDICE11 contracts are safe, the susceptibility has been taken care of, and they are now back online.

EOS Price Today – EOS / USD

Name Price24H (%)
EOS (EOS)
$1.95
8.18%

According to EOSBet, the crypto jacker was able to place a bet on the platform without transferring EOS tokens to the contract. When he loses, he was paid nothing. Nevertheless, when he wins, he was paid real EOS form the contract.

cryptojacking

EOSBet Patches All Vulnerabilities

The platform acknowledged that irrespective of several audits before the hack, “there was still a susceptibility in their smart contract. The way forward is to improve their security practices, ensuring that such a trend never takes place again in the future.”

In the recent announcement of EOSBet, the development team of EOSBet said that they are making changes to the bankroll, adding that they have moved 75 percent of the bankroll out of their hot wallet and into reserves. Also, they said they have increased the maximum win size from one percent to four percent of the bankroll in order to keep the maximum bet size unchanged”

Like modern trading platforms, the team is storing most of their funds in a cold wallet to reduce the damage from a potential hack. They are presently reviewing their security processes and smart contracts to prevent attacks, but this is an additional line of defense says the development team.

The value of the digital currency has suffered a great loss since the launch of its Mainnet. The digital currency is currently trading at $5.33 after trading as high as $21 before the launch of its Mainnet.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.