$34 Million In Ethereum Cryptocurrency Stolen

Posted on by Ryan

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For the second time in three days, hackers have been able to make off with Ethereum. An exploit in digital wallet service Parity was exploited. It is unknown at this time if it was done by a team or by one individual.

Parity founder Gavin Wood issued a critical security notice to all users and said that “a vulnerability in Parity Wallet’s variant of the standard multi-sig contract has been found,” before advising everyone to “immediately move assets contained in the multi-sig wallet to a secure address.”

The White Hat Group went on to say on Reddit

“White hat group(s) were made aware of a vulnerability in a specific version of a commonly used multi-sig contract. This vulnerability was trivial to execute, so they took the necessary action to drain every vulnerable multi-sig they could find as quickly as possible.”

 

Some have speculated this could be a deliberate attack on the miners from PC gamers as cryptomining has caused several mid-range GPUs to be sold out everywhere and demand double or triple their retail prices on eBay. Although CoinDesk has reported that many are quickly leaving cryptomining due to the decline of Ethereum prices. At one point Ethereum were valued at over $400, but traded for $133 over the weekend..