Cybercriminals have gotten access to a wallet owned by the NULS blockchain platform and successfully made away with 2 million NULS. The funds are worth about $480,000 in total.
In an announcement posted on Twitter, NULS added that of the 2 million, over 548,354NULS (about $131,600) had already been transferred to the larger market, making it untraceable. After the breach was detected, NULS immediately carried out a hard fork on its blockchain.
“Please note that we decided to conduct a hard fork process at the height 87,800. After the hard fork, the remaining 1451645.65303905 NULS that has not entered the trading market will be destroyed in a permanent freeze to prevent continued flow into the market and bring losses to community members.”
NULS admits that the breach was possible because of a “security vulnerability in NULS 2.2 version”. After stating that the problem has been solved, NULS notes that the hard fork is mandatory and advised all node owners to perform upgrades.
NULS seems to be losing some steam in the wake of the hack. At press time, NULS was priced at $0.237 after losing 4.30% over the last 24 hours according to CoinMarketCap. NULS currently has a circulating supply of over 73 million, meaning that the stolen tokens make up just about 2%.
Back in 2016, Ethereum had a similar issue with a $40 million theft, causing the network to a hard fork, splitting into Ethereum and Ethereum Classic (ETC)
Image Credits: Pixabay
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