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Ethereum

Cyber Crime is getting hyped up these days. With the enhancement of technology, there is an increase in the hacking techniques. An anonymous hacker stole an Ethereum having a crazy worth of about $8.4 Million. This robbery was done to the Veritaseum ICO. Remember that Ethereum is a crypto currency just like Bitcoins etc.

This incident is the 4th one to occur in July 2017. The last 3 were also related to the Ethereum robbery. This incident of about $8.4 million is the second cyber-attack on an Initial Coin Offering generally called an ICO while the first one was done in stealing the $7 million Ether tokens which hacked the Israeli Coindash’s startup.

Similarly, a couple of weeks ago, an anonymous hacker stole the Ethereum crypto currency worth about $32 million from the wallet account used in the crypto currency. The hacker exploited the Parity’s Ethereum Wallet Software which contained $1 million Ether and Bitcoin tokens. This incident happened at the start of July, 17 which was done in the robbery of exchanging the Bitthumb with crypto currency.

It has been confirmed that the anonymous hacker stole $8.4 Million worth Ethereum from ICO this Sunday, 23 July, 17. The founder of Veritaseum Reggie Middleton said on this account


“We were hacked, possibly by a group. The hack seemed to be very sophisticated, but there’s at least one corporate partner that may have dropped the ball and be liable. We will let the lawyers’ sort that out if it goes that far.”

The founder also stated that ETH hacking is insignificant referring his colleagues, without names, that the colleagues may be accountable for this attack on Sunday. He said that the higher demand of VERI tokens leads to this damage done by the Hacker. The hacker broke into wallet to steal tokens and then he sold them in exchange of cryptocurrency within some time. The hacker was able to steal about $8.4 million worth ETH all of a sudden.

Around 37,000 VERI tokens were robbed on Sunday, which only affected the founder and the team member, without damaging any other ICO investor. As the founder said, all the loss happened was his belonging and was the stuff of the team members.

“There are 100M tokens issued; the hackers stole about 37k. As I said, it is quite disconcerting, but it is not the end of the world. In the scheme of things, this is small,

Reggie Middleton, Founder of Veritaseum.

He stated that

“The tokens were stolen from me, not the token buyers. I am not downplaying the seriousness of the heist either, but I am looking at the heist for what it is. A company that we use was compromised, the vulnerability was closed, and we are investigating whether we should move against that company or not.”

Middleton did not open up completely the cause of the robbery. Although, he confirmed the Veritaseum users about the security of the ETH, not to worry about the future. He also assured about the team having the mandatory force to battles this kind of attack in the near future.