Just as the Cryptocurrency revolution is bringing forth a horde of blessings to our everyday life, silent malice’s are also creeping into the system simultaneously. Just within three months of the infamous CoinDash ICO hack comes another blow to the cryptocurrency sector in the form of hacking of FUEL, the native token of Etherparty. The June hacking of CoinDash caused a whopping loss of about $7 million worth funds and the recent set of events at Etherparty took similar route as hackers redirected investor funds worth a fortune towards an alternative address.
Etherparty began its ICO dealings on 2nd October for enabling both business houses and individuals to create coding or programming less multichain smart contracts. However just within a few hours of beginning its operation, the hackers infiltrated into the system and allocated the ICO funds into a separate Ethereum wallet address. As per data published by BleepingComputer, the development team at Etherparty base detected the system hack within fifteen minutes and brought forth an immediate shut down of associated operations to prevent further damage. 95 minutes after quarantining the system and detecting the hack, its development officials restored the system back to normal.
Also Read: Hackers Targeting Amazon’s Cloud Servers to Mine Bitcoin
The investors who suffered loss of funds from the hack was reassured of a compensation by the company CEO, Kevin Hobbs. He was quoted as saying:
“We have received overwhelming support from our investors, partners and the community throughout the fine-tuning process for Etherparty. Unfortunately, this also means unwanted attention in the form of phishing and hacking attempts despite the vigilance of our tech and support team.”
Other company pioneers also took the stage for reassuring general public about infrastructure improvements and enhanced security measures undertaken in the aftermath of this breach. Lisa Cheng the founder of Etherparty was quoted as saying:
“Our team has been consistently and successfully thwarting potential security issues to avoid further escalation. However, we do acknowledge and apologize for the temporary disruption to our otherwise successful launch day. Etherparty is eager and committed to compensating all affected contributors for the inconvenience.”
Also Read: Police Confirms North Korea Did Attacked South Korean Bitcoin Exchanges
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