Not too long ago, smartereum.com reported that EOS Bet was hacked by cyber criminals. The developers were able to identify the loophole and seal it. However, the platform has suffered another hack. This time, hackers were able to steal EOS tokens worth $338,000. The hackers performed illegal transactions that allowed them to run with 65,000 EOS which is equivalent to $338,000. This is because of a vulnerability in the EOS blockchain that can be exploited through EOS Bet. The hackers were able to trick the EOS smart contracts functionality into paying their fake accounts using a malicious code. It is the malicious code that rendered regular accounts, fake.
EOS Price Today – EOS / USD
As at the time of writing, the EOS development team was yet to issue any statement about how dip the damage went. However, one of the block producers said that it was possible because of a loophole in the system and it would be better if there was a more rigorous verification process. As posted on medium:
“We have discovered a vulnerability in several contracts through notification from other contracts. The parameters from these notifications have to be checked explicitly because checking only the contract action and name isn’t sufficient”.
The fund transfer option was activated after hackers injected EOS accounts with malicious codes. This tricked the EOS wallets into matching transactions with the specific cryptocurrency stated. The hackers sent transactions among themselves to manipulate how the wallets get cryptocurrency. These illegal transactions were carried out rapidly as the EOS Bet holdings got depleted within a minute. Each transaction represented 500 EOS to the hackers.
EOS Goes Through Hack Trials
The EOS Bet hack is just one of the many tribulations the EOS network is currently suffering. The first attack occurred just a few days after EOS Bet announced that it was the most secure platform of its kind. Hackers found a vulnerability on the EOS blockchain that allowed them to steal $200,000 worth of EOS. This was about 40,000 EOS at the time. The company took EOS Bet offline to figure out how the hackers were able to manipulate the system. The company promised to tighten security after this attack.
Unfortunately, hackers haven’t had enough. They came back for more this month. The problem with these attackers is that they are going to lead to public distrust. People are going to lose their faith in the platform. The hackers used the transfer function during both attacks. They used a sake hash to condition the system to send huge amounts of EOS illegally. Community members are rather disappointed since the system was supposed to be the most secure of its kind. At this junction, there is no guarantee that the company will be able to take proactive measures to prevent future attacks.
How Is EOS Doing This Morning?
The news about the hack seems to have caused a dip in the price of EOS. EOS is down at $5.42. This means that it is down by 0.35% against the USD but up by 0.47% against Bitcoin.