Hackers steal $30 million worth Ethereum Cryptocurrency through Cyber Attack

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The news is out that around $30 million worth Ethereum Currency was stolen by hackers through a cyber attack launched on the three of the largest wallets on a recent note. And as per the sources reporting to Cybersecurity Insiders, the latest heist launched on the multi-sig wallets of Ether happens to be a major cyber attack to have hit the Crypto currency space.

Security experts who are probing on the issue say that Multi-Sig Wallets of Ether were accessed and around 150,000 units were extracted from different e-wallets in a time frame of just 4 days.

However, the good news is that an anonymous white hat group managed to save over 377,000 ETH to multiple wallets which amount to $75 million. The reason for the white hat group to save the ETH crypto is unknown. But experts say that the heist will not witness any dip in the trade value of Ethereum on a current and future note.

Tyler Moffitt, Senior Threat Research Analysts at cyber security firm Webroot divulged some more details on the cyber attack launched on wallets storing Ethereum. Moffitt said that the issue was brought to notice by contract coding company named, parity, which released a warning that version 1.5 of the wallet software or later could be vulnerable to hackers.

It has to be notified over here that Webroot happens to be the same company which has been asked to probe on this issue by a Parity.io which offers the world’s safe and secure browser to conduct Ethereum interactions.

Mr. Moffitt said that businesses using Parity’s Multi-Sig wallets should move their Ethereum funds to other wallets on a quick note. And unfortunately, if they find their accounts drained out, then the expert hailing from the cyber security company recommends the victims to check for the funds in the white hat group specified address as it may have been saved by them.

Very recently, an attack of the similar sort took place on another cryptocurrency trader named CoinDash. Experts probing on the issue suggest that the attack was launched by hackers hailing from a European continent. However, CoinDash is reluctant in disclosing further details to the media for obvious reasons.

Note 1- 1Ethereum= $226 USD

Note 2- Crypto Currency is nothing but a virtual currency which is digitally generated and whose generation is regulated with encryption techniques.

Note 3-Ethereum is mostly used in the digital world in applications like crowdfunding, hedging, derivatives, insurance and some times as escrow for contracts. It can also be used as a derivative to conduct financial exchanges.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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