Hackers Continue Simple Tricks to Make Millions in Ethereum Hacks

by Muhammad Irfan Raza
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Hackers continue to target cryptocurrency projects as we recently heard Etherparty has announced that its ICO website was hacked. Hackers allegedly took over the site changing the address for sending funds from official address to their own. Isn’t that sounds familiar? That is because it happened to another ICO a few months ago.

ICOs on the hit list?

Etherparty is another user-friendly smart cryptocurrency contract creation tool that was raising Ehtereum to fund its development. The Contributors receive tokens, similar to real-world company shares when the participate in Initial Coin Openings

This token sale launched on Sunday at 9 am PDT, and the hack is reportedly occurred just 45mins later – not like previous attacks. Eherparty detected that the attack within 15min and took down its website to prevent users from sending funds to Ethereum address of hackers. However, in the world of cryptocurrency, 15 mins have been enough for hackers to make millions. The services were restored after 95mins of interception.


Another Ethereum hack: number of victims remains unknown

While the company was quick to announce the hacking attempt, it hasn’t added how many people may have been impacted. “Etherparty is the culmination of all our hard work and passion, which is why we will continue to listen to community feedback while we safeguard the security and experience on our platform,” the company wrote in a statement.

It did add, however, that the company will be compensating all the affected contributors. “to protect the interests of the community, we will be making it right with those that sent ETH to the hacked address by reviewing transactions sent before 10 A.M. and sending them corresponding FUEL after Oct. 29, 2017.

This is only one of the latest reports of hacking attempts targeting ICOs, creating concerns among the community over the legitimacy of these efforts.


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