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https://www.digitaltrends.com/computing/seven-million-digital-currency-stolen/
Hacker steals more than $7 million in digital currency using a link switch
By Kevin Parrish ? Posted on July 18, 2017 10:05 am
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digital currency
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Why it matters to you
Digital currency is a growing, decentralized means for paying and receiving funds online, enough so that hackers will do anything to steal the virtual coins.
Security firm Tripwire reports that a hacker managed to steal more than $7 million in digital currency using a simple link switch. The hack took place on Monday during an event called an Initial Coin Offering (ICO) to reel in investors of a cryptocurrency app called CoinDash. However, early investors quickly discovered that a link for depositing digital currency on the CoinDash website was not legitimate.
According to Tripwire, trading platform CoinDash began its ICO at 1 p.m. (GMT). Three minutes later, investors figured out that the link for sending ether, a type of digital currency, was taking them to the wrong deposit location. Thus, within those three minutes, the hacker managed to accumulate more than $7 million before CoinDash terminated the ICO and removed the page.
?This was a damaging event to both our contributors and our company but it is surely not the end of our project,? CoinDash said. ?We are looking into the security breach and will update you all as soon as possible about the findings. We are still under attack. Please do not send any ETH to any address, as the Token Sale has been terminated.?
Ether is the digital currency of the world?s second most popular cryptocurrency network, Ethereum. This platform consists of smart contracts, which are essentially bits of code that will execute when certain requirements are fulfilled. These ?apps? are listed on the Ethereum network using what is called a blockchain. Ether, abbreviated as ETH, is what?s used to pay for things and services listed on the Ethereum network.
So why not just use real world cash? Because digital currency is decentralized. It?s not managed by banks or the government. Plus, both the merchant and buyer can remain completely anonymous, with a transaction digitally signed and verified by an unknown miner on the associated network. Ether is similar to Bitcoin in purpose although technically they are completely different digital currencies.
Individuals who successfully participated in the now-closed ICO received ?tokens? as proof in their investment in the CoinDash app. However, those who invested ether using the hacked address are reportedly now demanding a refund. After all, the CoinDash website was not locked down tight, enabling a hacker to insert a simple link that collected millions in stolen digital currency.
Others are reportedly questioning the theft. Was this a genuine hack, or a simple scam using a hack as a cover story? As Tripwire states, there is no evidence to suggest foul play. Even more, CoinDash is currently providing an online form for victims to complete as part of the company?s investigation into the hack. Victims are asked to provide their email address, wallet address, a proven transaction number, and the amount of ether sent.
Despite the hack, CoinDash said that it managed to secure $6.4 million from early contributors and whitelist participants. Those who sent digital currency to the wrong ether address during the hack will still receive tokens. Otherwise, investors who sent ether to the wrong address after CoinDash removed the ICO page will not receive investment tokens.
https://www.digitaltrends.com/computing/seven-million-digital-currency-stolen/
Hacker steals more than $7 million in digital currency using a link switch
By Kevin Parrish ? Posted on July 18, 2017 10:05 am
Subscribe
Share
digital currency
best snes games
Here are the top 25 games that made the SNES, well, super
best transforming homes apartments trans home 3
Why have 1 room when you can have 2? Our favorite transforming homes
Samsung Galaxy S6
Everything you need to know about Samsung Pay
kansas city smart technology downtown skyline
Sensor-studded Kansas City is like a giant smartphone. Now it just needs apps
google pixel xl press
Google Pixel XL review
what is rcs
What is RCS messaging? Here?s everything you need to know about SMS? successor
Why it matters to you
Digital currency is a growing, decentralized means for paying and receiving funds online, enough so that hackers will do anything to steal the virtual coins.
Security firm Tripwire reports that a hacker managed to steal more than $7 million in digital currency using a simple link switch. The hack took place on Monday during an event called an Initial Coin Offering (ICO) to reel in investors of a cryptocurrency app called CoinDash. However, early investors quickly discovered that a link for depositing digital currency on the CoinDash website was not legitimate.
According to Tripwire, trading platform CoinDash began its ICO at 1 p.m. (GMT). Three minutes later, investors figured out that the link for sending ether, a type of digital currency, was taking them to the wrong deposit location. Thus, within those three minutes, the hacker managed to accumulate more than $7 million before CoinDash terminated the ICO and removed the page.
?This was a damaging event to both our contributors and our company but it is surely not the end of our project,? CoinDash said. ?We are looking into the security breach and will update you all as soon as possible about the findings. We are still under attack. Please do not send any ETH to any address, as the Token Sale has been terminated.?
Ether is the digital currency of the world?s second most popular cryptocurrency network, Ethereum. This platform consists of smart contracts, which are essentially bits of code that will execute when certain requirements are fulfilled. These ?apps? are listed on the Ethereum network using what is called a blockchain. Ether, abbreviated as ETH, is what?s used to pay for things and services listed on the Ethereum network.
So why not just use real world cash? Because digital currency is decentralized. It?s not managed by banks or the government. Plus, both the merchant and buyer can remain completely anonymous, with a transaction digitally signed and verified by an unknown miner on the associated network. Ether is similar to Bitcoin in purpose although technically they are completely different digital currencies.
Individuals who successfully participated in the now-closed ICO received ?tokens? as proof in their investment in the CoinDash app. However, those who invested ether using the hacked address are reportedly now demanding a refund. After all, the CoinDash website was not locked down tight, enabling a hacker to insert a simple link that collected millions in stolen digital currency.
Others are reportedly questioning the theft. Was this a genuine hack, or a simple scam using a hack as a cover story? As Tripwire states, there is no evidence to suggest foul play. Even more, CoinDash is currently providing an online form for victims to complete as part of the company?s investigation into the hack. Victims are asked to provide their email address, wallet address, a proven transaction number, and the amount of ether sent.
Despite the hack, CoinDash said that it managed to secure $6.4 million from early contributors and whitelist participants. Those who sent digital currency to the wrong ether address during the hack will still receive tokens. Otherwise, investors who sent ether to the wrong address after CoinDash removed the ICO page will not receive investment tokens.
