Hackers steal $32 million worth Ether in a recent hack

By TechJuice on
July 20, 2017
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In another hacking spree, unknown hackers have managed to steal Ether valued at $32 million this week.

Cryptocurrency is quickly becoming a lucrative option for short and long term investors. Owing to its volatility, many investors have become rich overnight while others have lost it all. Ether is becoming a strong contender of Bitcoin and the second most popular option for long term investment owing to its future perspectives.

According to news website CyberScoop, the hackers were able to find a vulnerability in a Parity Wallet, a parking service for cryptocurrencies. These hackers exploited that vulnerability and gained access to $32 million of Ether. The amount could have reached over $100 million but ethical hackers were quick to find out this hacking spree and they quickly parked the $75 million dollars from wallets with vulnerabilities to a safe option.

These ethical hackers have promised to return this parked money to their owners once the vulnerability is resolved. This recent hack comes just a few days after CoinDash hack, in which, hackers stole $7 million of Ethereum in just 3 minutes.

Just recently, Charles Hoskinson, the co-creator of Ethereum, the software behind Ether, warned that people are blinded by fast money and there is over tokenization of things going on through initial coin offering events. The numbers of tokens issued in the market are enough for the tasks in hand.

In Pakistan, people are using different trading platforms to get their hands on the cryptocurrencies. Bitcoin, Ether and Ripple have been widely popular in the buyers owing to their market caps.

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