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New hack of a decentralized cryptocurrency exchange and money theft

New hack of a decentralized cryptocurrency exchange and money theft

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Answer New hack of a decentralized cryptocurrency exchange and money theft

A hacker managed to discover a new security vulnerability, the hacker was able to create fake EOS coins and with this trick he was able to steal sums of money from users in a decentralized cryptocurrency exchange.

We usually hear about the hacking of centralized platforms, but it seems that hackers have their own methods of attacking everything related to cryptocurrencies including decentralized platforms.

The victim of this hack is the Newdex platform, and this time the attack was not traditional, as the hacker created 1 billion fake EOS coins and defrauded users.

Fake coins were created on the EOS network, which was also called EOS. And the hacker illegally added EOS to trade inside the platform.

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Newdex acknowledged that as many as 11,800 fake orders were issued by fake EOS coins used by the hacker.

Thus, a number of traders bought fake EOS coins thinking that they were real EOS coins, and about 4,028 coins were sold (equivalent to $ 20,000) on the Bitfinex platform, and the worst losses were on the Newdex platform, which cost the equivalent of 58,000 dollars.

After conducting an initial investigation, the vulnerability appears to be two-sided. The first aspect is that anyone can make a new digital currency on the EOS network and call it EOS. The second aspect is on the part of the Newdex platform, which does not require smart contracts compatible with smart contracts.

Read:Chinese Police Investigate Fraudulent Cryptocurrency Exchanges

The Newdex platform announced its apology for the incident, and the team has not yet clarified any plans to compensate users. In the end, it is certainly not on the list of the biggest cyberattacks on cryptocurrency platforms, but it may change people’s opinions about the level of security of decentralized platforms in the cryptocurrency world.


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